BruceK3 (Arizona)
Posts: 14
Posts: 14
Posted:
We are attempting to compare prices on insurance policies, but found that the covered items are mixed and matched in ways that makes it difficult to make an "apples to apples" comparison.
Some cover things like accounts receivables, important documents (which we expect the property management company to also be covering as these items reside on in their office). Other insure items such as visiting automobiles.
Has anyone put together a list of coverage items to request bids? What items are important, what can we skip?
My assumption is:
1) Blanket policy...cover all of the common area and the assumed cost of rebuilding all units.
2) Individual occurrence policy: coverage of internal/external units for non-personal damages (a pipe bursts, a tree falls on a unit, etc)
3) Liability coverage (any injury on the premises)
4 Directors' coverage (aka errors & ommissions)
5)Med pay
To me the above five coverges are core to an HOA policy. Does anyone have advice or lessons learned on this to share? I am not sure who can provide unbiased guidance.
Some cover things like accounts receivables, important documents (which we expect the property management company to also be covering as these items reside on in their office). Other insure items such as visiting automobiles.
Has anyone put together a list of coverage items to request bids? What items are important, what can we skip?
My assumption is:
1) Blanket policy...cover all of the common area and the assumed cost of rebuilding all units.
2) Individual occurrence policy: coverage of internal/external units for non-personal damages (a pipe bursts, a tree falls on a unit, etc)
3) Liability coverage (any injury on the premises)
4 Directors' coverage (aka errors & ommissions)
5)Med pay
To me the above five coverges are core to an HOA policy. Does anyone have advice or lessons learned on this to share? I am not sure who can provide unbiased guidance.