how to insure a habitational association risk. condo / apartment wrap designed to provide required...
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![Page 1: How to insure a habitational association risk. Condo / Apartment WRAP Designed to provide required coverage for condominium, apartment and homeowners](https://reader035.vdocuments.net/reader035/viewer/2022081414/551401bf550346e7488b492e/html5/thumbnails/1.jpg)
How to insure a habitational association risk
![Page 2: How to insure a habitational association risk. Condo / Apartment WRAP Designed to provide required coverage for condominium, apartment and homeowners](https://reader035.vdocuments.net/reader035/viewer/2022081414/551401bf550346e7488b492e/html5/thumbnails/2.jpg)
Condo / Apartment WRAP
• Designed to provide required coverage for condominium, apartment and homeowners association risks, other than the basic perils property policy.
• A perfect fit when using Citizens Property Insurance Company on association property.
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Condo / Apartment WRAP
• Available coverages– Commercial General Liability
– Difference In Conditions (DIC)
– Boiler & Machinery
– Directors & Officers Liability (Condo)
– Commercial Umbrella
– Hired & Non-Owned Auto
– Garagekeepers Legal Liability
– Loss of Rents (apartments)
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Commercial General Liability
• Limits available up to $1,000,000 per occurrence $2,000,000 aggregate.
• Rating basis is number of units, number of swimming pools, and commercial exposures, if they exist.
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Difference In Conditions (DIC)
• This policy provides coverage for the perils excluded from the Citizens Basic Perils policy. This essentially results in a Special Form Policy also referred to as “All Risk” coverage.
• This policy is available on a monoline basis or in conjunction with the GL WRAP policy.
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Directors & Officers Liability
• A current financial statement is required.
• D&O application is also required.
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Garagekeepers Legal Liability
• Available for condominium associations offering valet parking to residents and guests.
• Limits available up to $1,000,000.
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Loss Of Rents
• Coverage not available from Citizens.
• Available ex-wind or with wind.
• Available only for apartment risks.
• Can be combined with our DIC policy.
• Fills a gap in the Citizens policy.
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Start with the “Basic Form” policy available from
Citizens Property Insurance Company.
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Add Braishfield’s Difference In Conditions policy. This adds the coverage needed to equate to a
“Special Form” property policy.
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Commercial General Liability is next.
Available with a per occurrence limit of
liability of $1,000,000.
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If needed you can add specific coverage for
generators, pumps and other equipment
through our boiler and machinery policy.
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Employee Dishonesty bond, required by most
associations.
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Hired and Non-Owned auto liability is a must!
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Although few associations own any vehicles, owned auto coverage is available.
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Although many condos do not have employees,
they still have a work comp exposure. We can provide coverage for association risk with or
without actual payroll.
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Director’s & Officer’s liability
coverage is invaluable. It
covers the errors and
omissions of the members of the board of directors.
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The final piece of the
condo association insurance
puzzle is the commercial umbrella. Available
limits up to $50,000,000.
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Once you place the Citizens
policy, all the other pieces of
the condo package policy
puzzle are available at one
place.
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When writing an apartment
complex, just replace Directors & Officers with Loss of Rents.
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Product availability is subject to change 5/25/06