A Condominium Association Insurance program designed to meet your needs in the most cost effective format possible.
E/G of Florida, Inc. has access to many markets that other agencies do not, and has the capability to provide quotes for the hard to place risks and get you insured quickly and conveniently. As part of its full slate of coverage, E/G of Florida, Inc. has separate and distinct programs for residential condominium associations, homeowners associations, timeshare associations and cooperative associations.
Whatever category your association falls under, E/G of Florida, Inc. offers an extensive insurance program to suit your needs. We have the experience to analyze and recommend the appropriate insurance coverage for your association. We offer professional service from experienced and knowledgeable personnel who specialize in community associations and their unique features. Our agents can be creative and facilitate any of the association’s insurance needs including self insurance alternatives. We represent a variety of insurance carriers in order to offer you the best solution to your individual association needs, including Property and Liability, Umbrella, Directors & Officers, and Casualty policies.
Florida Condominium Association Insurance Property Coverage
Provides coverage for the physical value (not market value) of all condominium association buildings, miscellaneous structures and contents. It protects the associations from physical loss caused by all perils including fire, water damage, hurricane etc. Property coverage for condominium associations in Florida have risen over the years to astronomical prices and we are able to shop multiple carriers and programs to find the best coverage and price available to meet each insured’s specific wants and needs. Our commercial agents are highly trained experts in the property insurance arena and will educate associations about coverage as well as ways to protect against future losses. Each property should be inspected to determine the wind mitigation features that qualify the association for significant discounts. In addition, each property should have regular appraisals completed to determine the proper amount of coverage to be sure they are adequately insured and protected against a catastrophic event.
Florida Condominium Association Insurance Liability Coverage
Protects the condominium association against claims for personal injury or property damage arising from the common areas, including the limited common areas. Each property should be inspected by an insurance professional to determine adequate amounts of coverage. Condominiums that also have ponds and/or playground areas may require increased insurance coverage. Liability judgments in excess of the Association’s liability limit can be recovered through a Loss Assessment on the individual owners, who can generally claim reimbursement under the Loss Assessment provisions of their individual Owner’s policies.
Florida Condominium Association Insurance Directors & Officers Coverage
Provides insurance coverage for negligent acts, errors or omissions by the association’s present or former board members or officers. Common examples of claims include alleged mismanagement of association affairs, failure to maintain books and records, failure to enforce rules, regulations and restrictions, and breach of contract. These policies are generally written on a “claims made” basis, and cover only wrongful acts reported during the policy period, regardless of when the acts are alleged to have occurred. Directors and Officers insurance coverage can be an endorsement to the condominium association’s master policy, in which case it has the same limits as the policy’s general liability coverage, or it can be a completely separate policy with a larger or smaller coverage limit.
Florida Condominium Association Insurance Casualty Coverage
Covers losses caused by accident, misfortune or mishap, including loss which comes by chance or without design, such as that caused by fire, lightning, windstorm, rain or ice. Flood coverage is underwritten by the Federal Emergency Management Agency through private companies and covers damage due to rising surface waters.
Florida Condominium Association Insurance Umbrella Coverage
Umbrella coverage provides additional liability insurance coverage above all underlying liability coverage.