Umbrella Coverage for Condo Associations
Umbrella coverage can be an excellent investment for a Condo Association, especially in coastal areas where extreme weather events such as hurricanes and flooding can occur. The umbrella policy protects against catastrophic loss by providing excess limits over the scheduled underlying liability policies such as general liability, hired and non-owned auto, directors and officers liability, and workers compensation insurance.
Umbrella coverage amounts can vary depending on the risk and the amount of coverage a Condo Association wishes to purchase. Some of the standard coverage amounts are $5,000,000, $10,000,000, and $25,000,000, but policies can be purchased for as little as $1,000,000 of coverage or in excess of $50,000,000. Depending on the risk factors involved in your condominium's location, the price change may not be significant for getting double the amount of coverage.
Does your insurance agent offer you multiple quotes for different umbrella coverage limits?
View all types of Condo Association Insurance.