This policy is intended to cover damage to the building, common areas and elements otherwise specified by the association's governing documents to the extent damage is caused by an “insured peril” such as fire, lightning, explosion, smoke, windstorm, hail and others.
This insurance policy protects the HOA/building owner against liability for claims alleging third bodily injury and/or property damage like a slip and fall or fire damage to a unit owner’s property caused by the HOA/building owner’s negligence.
This policy is issued to provide limits in excess of the HOA/building owner’s General Liability Policy and is intended to respond if limits under the general liability policy are depleted.
Crime and Fidelity Insurance protect the HOA/building owner’s operating and reserve accounts. Crime and Fidelity Insurance can cover fraud, embezzlement or false invoices, computer fraud and wire fraud.
This insurance policy is maintained to protect the HOA from lawsuits against its board of directors/officers for claims alleging wrongful acts or breach of a fiduciary duty.
Workers’ compensation policies generally do not pick up unpaid or volunteer staff and HOA/building owner workers’ compensation policies are crafted to address this exposure.