For Your Condo Association
Right Insurance Group specializes in providing comprehensive insurance products and risk management services for condominium communities throughout Florida. We understand the risks and decisions that follow finding insurance for your condo association. We work with the best insurance carriers to give you the widest range of options and value for you policies, and will explain the options for your condo association insurance packages.
Filing insurance claims can be complicated and confusing. From reviewing and understanding multiple insurance policies, communicating with different insurance companies, dealing with condo owners, interpreting confusing and constantly changing statutes, to handling who is responsible for what, insurance claims can be a nightmare.
We are here to help. Our goal is to assist our clients with any questions they may have and help with all aspects of their insurance.
The Right Policies
Property Insurance changes all the time and it is important for a Condo Association to have an insurance agent who specializes specifically in associations to help get the correct coverage.
Typical policies required by the condo associations we work with include:
Condo associations are required to insure their buildings for the full replacement cost value that comes from the appraisal. This protects the unit owners to ensure that there is enough insurance coverage to replace the building due to a covered loss.
There are many types of property to insure including residential buildings, club houses, fitness centers, pools, carports and garages, tennis courts, fences, and signs.
Liability insurance is financial protection in case a person or property for which you are responsible causes or incurs damage. There are many liability coverages you may need. Our insurance specialists will custom tailor the coverage for your operations.
Liability coverage is there in case you encounter a situation for which your business will be held responsible.
A basic fidelity bond covers employee dishonesty, which in the case of a Condo Association can also extend to the property manager who often manages large sums of money for the Association.
Additional coverage can be included for forgery and alteration, computer fraud, funds transfers, and other methods of embezzlement.
Directors & Officers Liability
Directors and Officers insurance coverage helps to protect the Condo Association’s board members from legal action brought against them for alleged wrongful acts while performing their duties for the Association. Despite being volunteers, condo board members can be vulnerable and their personal assets can potentially be at risk.
Umbrella insurance is designed to add extra protection to insurance policies you may already have. An umbrella policy provides “excess liability” above the limits of your underlying policies.
Umbrella insurance will help you stay protected in the event of an accident or occurrence. Your umbrella policy covers you in the event that your underlying coverage reaches the maximum limit of the policy.
Equipment breakdown can significantly impact your budget. Yet most standard property policies exclude the coverage.
Equipment Breakdown insurance pays for physical damage to equipment caused by mechanical and electrical breakdown. It can also cover business income or spoilage losses due to an equipment breakdown and your extra expenses to limit the equipment loss or speed repairs.
If your association has employees, you may be required to have Workers Compensation insurance. Workers Compensation insurance can provide the coverage to protect your association, and provide wage replacement and medical benefits to employees injured in the course of employment.
Workers Compensation is an integral part of the overall program we develop for your association. Current clients are impressed by our ability to get workers compensation placed.
Flood is a temporary condition of excess water on land that is usually dry. One of the main differences between flood insurance and property insurance is that flood insurance also covers the building and its foundation.
One of the major misconceptions related to flood coverage is that if you are not in a flood zone, you cannot have a flood. Everyone has the potential to have a flood. It's just that some risks are greater than others.
Free Review of Your Policies
We strongly recommend that you contact us to schedule a free, independent review of the insurance policies carried by your condo association. We have been able to help many clients significantly reduce the insurance expense for their condo while providing identical or superior insurance coverage.