General Liability Insurance for Condo Associations
Protect Your Condo Association From Lawsuits
General liability insurance is the core component in protecting associations from liabilities that arise due to injury or property damage caused by negligence or acts of omission by the Condo Association.
What Sorts of Claims Are Made?
The number one claim that insurance companies see each year brought against Condo Associations are slip and fall or trip and fall claims. For example, on rainy days, water can build up in common areas or be brought into buildings by foot traffic. This can create a slipping hazard and expose your Association to a liability claim. Another common example of this hazard is tree roots growing under association sidewalks, making them cracked and uneven. This is a major tripping hazard and can also expose the Association to a liability claim.
Does your insurance agent walk your property each year to help manage your risk and exposures?
One of the main coverages included in a condo general liability policy is the medical payments coverage. This coverage is an automatic payment up to the limit of insurance for any actual medical bills that arise out of a claim.
This is significant because if you have enough coverage to take care of all the medical bills, a claimant may not pursue other damages. A lot of general liability policies come standard with $5,000 medical payments coverage. As medical costs grow, this amount of coverage is low to cover a trip to the hospital for x-rays. The medical payments coverage can be increased on your policy and often for a minimal increase in cost.
Does your insurance agent offer you different options for your Condo Association liability coverage to protect your risk?
Hired and non-owned auto coverage is an optional coverage that can be added to your Association's liability insurance policy. Hired and non-owned auto covers the association if someone is doing business for the association in a non-association-owned vehicle and causes injury to another person. For example, someone driving to make a bank deposit for the Association or going to the hardware store to purchase something for the Association has an accident. The Condo Association could be directly sued for the loss along with the driver's personal auto policy.
Hired and non-owned auto helps to cover the Condo Association for those types of losses. This coverage is generally very reasonable and automatically included with certain carriers.
Has your insurance agent quoted you hired and non-owned auto coverage?
View all types of Condo Association Insurance.