Insurance agents, like doctors, have a broad range of specialties and areas of expertise. Fortunately, community association insurance is one of them. Community associations have unique needs and exposures, so the board has been very diligent in selecting an agent with experience in this area. Our insurance agent serves the association by:.
i Reviewing the association’s documents, recommending the legal minimum insurance requirement, and recommending additional coverage that might be appropriate.
- Inspecting the community and identifying exposure that needs to be addressed.
- Verifying the property values for replacement and/or reproduction costs.
- Reviewing the association’s fidelity bond, and ensuring that all appropriate parties are included.
- Obtaining premium quotations and helping the board select the best program.
- Educating the board about coverage, exclusions, and limitations.
- Educating the residents about the association’s policy, where it stops, and the residents’ and owners’ responsibilities begin.
- Offering the unit owners special coverage and reduced rates.
- Providing certificates of insurance or evidence of coverage to lenders.
- Helping the board decide how claims deductibles will be processed.
- Creating a claims procedure manual
- Customizing a risk-management program
- Assisting the association to establish procedures for service providers
- Reviewing the association’s claims annually and recommending how to reduce future claims.