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CONDOMINIUM UNIT OWNER INFORMATION
Lewis-Chester Associates, Inc., is a leading writer of insurance for condominium
associations and condominium unit owners. We have been doing this for many years
and have learned where the "gaps" in Condominium coverage are! Little
attention seems to be given to certain personal exposures, additional
premium charged to include this protection.
Please consider just the few examples below.
(1) Divorce
If you are involved in a separation/divorce situation, a no-cost
coverage amendment may be necessary to extend your policy's personal
liability coverages to both spouses.
(2) Babysitting, Snow Shoveling, Etc.
Coverage for your liability arising out of certain "for profit"
activities -- even if done by your children or other household residents --
may not be covered in the normal Homeowners' or Condominium Unit Owners' policy,
unless such coverage is specifically added.
The additional charge is typically less than $5.00 per year, and
can extend to the following representative situations: babysitting, snow shoveling,
lawn mowing, leaf raking, sales of homemade foods, garage sales, certain "fellow
employee" damage and injuries, etc.
(3) Condominium Loss Assessment
Members of a condominium association may be assessed additional fees
by their board of directors for unexpected expenses that exceed the association's
operating budget or funds. These additional expenses could be due to uninsured
losses, insurance deductibles, losses in excess of the limits of insurance,
pollution liability, etc. As a unit owner, you may be assessed for your portion
of these expenses, which could be many thousands of dollars.
If such assessments are necessary due to accidental loss that should
be covered by the condominium association's commercial insurance policy and
is not, you could be covered if you have a certain coverage part added to your
Condominium Unit Owners' policy. This coverage typically costs only $.58
per $1,000.00 of coverage per year!
This "missing" coverage would also respond for liability
claims, including directors' and officers' liability respecting
your membership on your own condominium association's board of directors,
providing you are in an elected position and you serve without remuneration.
Coverage Explanations:
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