Condominium Association Insurance

 

Having an agent that is experienced in the dynamics of Florida condominium insurance is the first step in protecting your Association's assets. Lott & Gaylor Insurance has been insuring condo associations for over 28 years and we understand that both coverage and cost matter.

 

Because of their unique legal structure, Condominium Associations require special insurance forms to cover both Property and Liability risks. During your annual review, the key to covering both risks properly is to carefully study the association by-laws and other organizational documents. With recent changes in Florida Statute ( § Chapter 718 ) governing condo associations, it's important that the board know their rights and obligations.

 

In addition to the property and general liability coverage, the association’s directors and officers are exposed to being sued by others for their activities managing the association’s business – "D&O" coverage can (and should) be in place to protect the personal finances of these individuals. If the association is also an employer (maintenance, security, etc.), then Employment Practices Liability and Workers Compensation is recommended and should be considered.

 

We recommend that there be clear communication between the association and its unit-owners regarding the respective responsibilities for coverage and the of arrangement of insurance. We can help you draft an explanatory memo for your unit-owners (and can also provide unit-owners’ insurance, on request). Further we do work with many condo association and property managers to ensure that every need is being met to your highest expectation.

 

For more information about Condo Association Quotes or carriers we represent please contact us today.