Condo Master Policy

[HealthGuy]

Red's throwing chum in the water to keep the sharks hungry...nice!

 

[iiinycboi]

D&O is recommended even for small 6 units volunteer director?

 

[joshb]

D&O is recommended even for small 6 units volunteer director?

D&O should aways be recommended. It won't be expensive.

 

[iiinycboi]

also the building sf is 9130sqft and lot size is 5800 sqft

the previous policy has the exposure as biulding bank or office 61212 code exposure 5800 sqft

should this be the residential condo class code and the exposure should be the building size no?

 

[Bertolinoins]

For a smaller complex like that I would quote Hanover. Quote D&O and Fidelity on every condo, anytime a person has control over decision and money that can effect others biggest asset... the potential for things to get ugly is very high.

 

[Soaringagent]

Great info about Condo insurance.

Thanks!

First of all, you have to read the CC&R's to determine which type of policy you need, DO NOT go by the current policy, you never know what that agent did just to get a policy...

I would ALWAYS include D&O and non-owned/hired auto and an umbrella,

He is a trick you also need to do, after you write the policy, you go DOOR KNOCK on each unit, and give them your name and number or card, and tell them, you are the new agent for the master policy, so when their mortgage company needs a cert, they have it, and you explain the holes in the policy and how to design THEIR policy to cover the holes.....

 

[jhplat5685]

I am confused...

Are you looking to provide coverage for the building?

If so you would rate this as an apartment building > 4 family w/ no mercantile or office.

Right?

 

[iiinycboi]

I am confused...

Are you looking to provide coverage for the building?

If so you would rate this as an apartment building > 4 family w/ no mercantile or office.

Right?

I suppose that is right, its a CPP quote but need additional coverage such as Crime, Umbrella, D&O

 

[jhplat5685]

that small of a building you can fit on a BOP and yes you are correct, if you providing coverage for the building you base the building limit off of the sqft not the lot size. If you know the construction class of the building you can determine the building limit.

 

[Bertolinoins]

I am confused...

Are you looking to provide coverage for the building?

If so you would rate this as an apartment building > 4 family w/ no mercantile or office.

Right?

I would not attempt that... Use a carrier with a condo policy.