Coverage Review HOA, Condo & Co-op Management

Community association management is the segment where three policies meet over one loss: the association’s master policy, the unit owner’s policy, and your own errors and omissions. Every association in your book has its own master policy form, its own management agreement, and its own board, and they are almost never consistent with each other. That inconsistency is the exposure.

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What We Look At

HOA, Condo & Co-Op Coverage

Master policy form

Whether the master policy form on each association bare walls, single entity, or all-in matches what the governing documents actually require

Directors and officers

Whether the association’s directors and officers policy covers you as the managing agent, and whether it should be relied on if it does

Fidelity bond adequacy

Fidelity bond adequacy against the funds you handle, and whether the management company is named as required by the governing documents

Board-generated exposures

Board-generated exposures: purchase application decisions, rule enforcement, election disputes, and alteration approvals

Building staff

Who insures building staff the association or the management company and whether the answer is consistent across the book

Management agreement clauses

Management agreement insurance clauses, which in this segment are the most frequently unmet obligations we see

WHAT TO SEND

Three documents get most of the way there.

Three documents get most of the way there: your management agreements, your current declarations pages, and your vendor certificate log. If you have a claim history or a renewal quote in hand, send those too. If you have none of it organized, send what you have assembling it is part of the work.

WHAT YOU GET BACK

A written summary of what does not line up.

A written summary of where the program does not line up with what you have agreed to carry, ranked by what would actually hurt. Not a quote sheet. If the conclusion is that your current program is sound, that is what the summary will say, and there is no obligation attached to it.