Gilbert’s Guide to A Master Condo Insurance Policy

As a member of a Homeowners Association, you are responsible for making key decisions that impact your community and budget. Here at Gilbert Insurance, we know that this position comes with a lot of responsibility, and we want to help. As trusted advisors of the community, we have worked with condominium associations throughout Greater Boston and the North Shore and have the expertise to smoothly guide you through the insurance process. Not sure where to begin with your Master Policy — that’s where we come in!

What is A Master Condo Insurance Policy?

Your Master Policy for your Condominium Association covers two key risk areas:

• General Liability — This coverage helps protect the Condo Association with legal and medical costs in the event that someone gets injured on the property and decides to sue.  If an accident occurs inside an individual’s unit, damages will most likely be covered under the individual’s unit owners policy.
• Property Coverage — This coverage protects the structural building itself and includes common areas, hallways, elevators, the roof, basement and any building equipment. It may also cover the unit owners building items if stipulated in the condominium trust agreement.

Additional Coverage Options

Whether you are a condominium developer still overseeing decisions for a project or a property manager looking to insure a several unit commercial building, Gilbert Insurance can create a Master Condo Policy to meet your unique needs. This can include added coverages such as:

• Directors and Officers — This coverage, also known as D&O insurance, protects the board of an organization, in this case, the Homeowners Association. In the event that someone sues the Condo Association, other than for Bodily Injury and Property Damage, this coverage can help cover defense costs and damages.
• Employee Dishonesty — Sometimes called crime coverage, Employee Dishonesty provides coverage for the theft of condo association funds or other financial misconduct by an association member.
• Umbrella Policy — For added liability protection, you can consider an umbrella insurance policy. It provides increased or excess liability coverage in the event that your master policy liability limits don’t fully cover a loss.
• Non-owned and Hired Auto Coverage — If someone ever drives their own vehicle for business purposes on behalf of the condo association, this provides auto liability coverage for accidents.

There are many other additional coverages that can be added to the Master Insurance Policy. Our team at Gilbert Insurance is dedicated to answering your Master Condo Insurance questions and assisting you in making decisions that are in the best interest of all members of your condo community. If you have any questions about a new or existing policy, a Gilbert Insurance agent is happy to help. Give us a call 781-942-2225 or visit our website. And if you’re in the neighborhood, feel free to stop by our office at 137 Main St. Reading, MA 01867.