When you are assessing the insurance needs of your condominium association, you have to think of several things. How do you protect your building? How do you protect your board and bylaws? Your condo association insurance package can be tailored to your specific needs, but there are some basic policies it should include.
You must have coverage for the property itself. Anything the condo association is responsible for must be covered. You need property insurance to cover costs of possible damages. It is also a good idea to buy building ordinance coverage, which handles the cost of any upgrades your building needs to be in compliance with laws or codes.
You also need a great deal of liability insurance. General liability is a must to cover the costs of legal action taken against the condo association. It is also a good idea to have directors and officers liability. D&O insurance covers the defense of your leaders if a lawsuit is filed against them. Employment practices liability is useful if you are sued for any type of discrimination or wrongful termination.
Talk to your agent about the specific policies you should include in your condo association insurance package. Make sure that you walk away with a package that protects both your property and your people.