By: Diana Pringey

Condo Association Insurance

Gem Young specializes in insuring businesses in Western PA and The Mahoning Valley. One of the types of business I focus on is condo association insurance.

Condo Associations present unique needs that can vary widely dependent on the Association’s bylaws, activities being held in common areas and direct employees of the association.

Important Condo Association Insurance Coverages

Property Insurance – The condo master policy will cover all common structures and areas, as well as the structures of the condominium units. There are important differences in how much coverage is provided inside of the condo units. Most master policies cover up to the bare walls, ceilings and floors which leaves the individual condo owner responsible for everything from the studs in. Understanding the detail is critical when developing a master policy for the association.

General Liability Insurance – The Association may become liable for many types of claims with respect to bodily injury, renting premises from others, advertising, etc. This provides broad coverage to the condo association for incidents that result in a covered claim.

Optional Condo Association Insurance Coverages

Directors & Officers – Condo Association D&O coverage protects the condo association from lawsuits as a result of board member activity contrary to acceptable practices.

Crime & Fidelity Coverage – Protects the condo association from theft or fraud involving money or securities.

Equipment Breakdown | Boiler & Machinery – Provides coverage to the association for the resultant damage from the breakdown of boiler and other heating/cooling and mechanical systems.

Sewer & Drain Backup – This is a standard coverage that should always be endorsed onto the policy. It covers the damage caused by the back-up from drains inside the club house or other common buildings.

Workers Compensation Insurance – In Ohio, this would be purchased from the state to cover condo association employees. In other states, it’s available as a separate policy.

As you can see, Condo Association Insurance Master Policies can involve a lot of moving parts, and I can help you put together a custom solution that meets the needs of both the Association and the condo unit owners. The team here at Gem Young can also insure individual unit owners with Condo Unit Owner Policies, and can make sure to coordinate the individual policy to match up with the Association Master policy to make sure no gaps in coverage exist.

About Gem-Young

Gem-Young is Western PA and the Mahoning Valley’s premier insurance and financial planning firm with offices located in Canfield and East Liverpool, Ohio. We are a locally owned, family-run business offering home and auto insurance, business insurance, life and health insurance, and a true wealth advisory asset management service. We believe in making a difference in our clients' lives.