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How to insure a habitational association risk - PowerPoint PPT Presentation


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How to insure a habitational association risk. Condo / Apartment WRAP. Designed to provide required coverage for condominium, apartment and homeowners association risks, other than the basic perils property policy.

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condo apartment wrap
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.
condo apartment wrap3
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)
commercial general liability
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.
difference in conditions dic
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.
directors officers liability
Directors & Officers Liability
  • A current financial statement is required.
  • D&O application is also required.
garagekeepers legal liability
Garagekeepers Legal Liability
  • Available for condominium associations offering valet parking to residents and guests.
  • Limits available up to $1,000,000.
loss of rents
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.
slide9

CITIZENS POLICY

Start with the “Basic Form” policy available from

Citizens Property Insurance Company.

slide10

DIC - SPECIAL FORM

CITIZENS POLICY

Add Braishfield’s Difference In Conditions policy. This adds the coverage needed to equate to a “Special Form” property policy.

slide11

DIC - SPECIAL FORM

CITIZENS POLICY

Commercial General Liability is next. Available with a per occurrence limit of liability of $1,000,000.

COMMERCIAL

GENERAL LIABILITY

slide12

DIC - SPECIAL FORM

If needed you can add specific coverage for generators, pumps and other equipment through our boiler and machinery policy.

CITIZENS POLICY

COMMERCIAL

BOILER & MACHINERY

GENERAL LIABILITY

slide13

DIC - SPECIAL FORM

CITIZENS POLICY

FIDELITY BOND

Employee Dishonesty bond, required by most associations.

COMMERCIAL

BOILER & MACHINERY

GENERAL LIABILITY

slide14

DIC - SPECIAL FORM

CITIZENS POLICY

FIDELITY BOND

Hired and Non-Owned auto liability is a must!

COMMERCIAL

BOILER & MACHINERY

GENERAL LIABILITY

HIRED & NONOWNED

slide15

COMMERCIAL AUTO

DIC - SPECIAL FORM

CITIZENS POLICY

FIDELITY BOND

Although few associations own any vehicles, owned auto coverage is available.

COMMERCIAL

BOILER & MACHINERY

GENERAL LIABILITY

HIRED & NONOWNED

slide16

COMMERCIAL AUTO

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.

DIC - SPECIAL FORM

WORKERS' COMP

CITIZENS POLICY

FIDELITY BOND

COMMERCIAL

BOILER & MACHINERY

GENERAL LIABILITY

HIRED & NONOWNED

slide17

COMMERCIAL AUTO

DIC - SPECIAL FORM

Director’s & Officer’s liability coverage is invaluable. It covers the errors and omissions of the members of the board of directors.

WORKERS' COMP

CITIZENS POLICY

FIDELITY BOND

COMMERCIAL

DIRECTOR'S & OFFICER'S

BOILER & MACHINERY

GENERAL LIABILITY

HIRED & NONOWNED

slide18

COMMERCIAL AUTO

DIC - SPECIAL FORM

The final piece of the condo association insurance puzzle is the commercial umbrella. Available limits up to $50,000,000.

WORKERS' COMP

CITIZENS POLICY

FIDELITY BOND

COMMERCIAL

DIRECTOR'S & OFFICER'S

BOILER & MACHINERY

GENERAL LIABILITY

COMMERCIAL UMBRELLA

HIRED & NONOWNED

slide19

COMMERCIAL AUTO

DIC - SPECIAL FORM

Once you place the Citizens policy, all the other pieces of the condo package policy puzzle are available at one place.

WORKERS' COMP

CITIZENS POLICY

FIDELITY BOND

COMMERCIAL

DIRECTOR'S & OFFICER'S

BOILER & MACHINERY

GENERAL LIABILITY

COMMERCIAL UMBRELLA

HIRED & NONOWNED

slide20

COMMERCIAL AUTO

DIC - SPECIAL FORM

When writing an apartment complex, just replace Directors & Officers with Loss of Rents.

WORKERS' COMP

CITIZENS POLICY

FIDELITY BOND

COMMERCIAL

LOSS OF RENTS

BOILER & MACHINERY

GENERAL LIABILITY

COMMERCIAL UMBRELLA

HIRED & NONOWNED