those risks that you can’t manage, there is insurance. Insurance offers financial protection against a number of the different risks that come with owning and managing a condominium corporation.
Condominium corporations cannot operate without both general liability insurance and property insurance. These two forms of insurance protect the corporation from legal and physical damages to the business, which we cover below.
General Liability Insurance
There are certain areas in a condo that need to be maintained in order to keep residents safe. Those areas include the lobby, the elevators, the hallways, the parking structures and the immediate outside surroundings. If one of these areas is not correctly maintained, it could result
in a number of accidents that may lead to either personal injury or property damage. Even if everything is well maintained, there is always a chance something could go wrong. When you have general liability insurance, you can use your policy to cover settlement, medical and replacement costs.
Property Insurance
The property on which your condominium site resides is very valuable, and damage to the property and building could result in major costs to repair or restore. These costs could be subsidized or fully covered when you purchase property insurance. This typically covers damages due to fire, weather, explosion, theft or vandalism. If you have more than one property, you will need to make sure each of your separate buildings has the proper property insurance coverage.
In addition to these two basic forms of insurance, it may not be a bad idea to incorporate additional types of insurance, such as directors and officers liability and/or cyber insurance.
Property Insurance
The property on which your condominium site resides is very valuable, and damage to the property and building could result in major costs to repair or restore. These costs could be subsidized or fully covered when you purchase property insurance. This typically covers damages due to fire, weather, explosion, theft or vandalism. If you have more than one property, you will need to make sure each of your separate buildings has the proper property insurance coverage.
In addition to these two basic forms of insurance, it may not be a bad idea to incorporate additional types of insurance, such as directors and officers liability and/or cyber insurance.
Directors & Officers Liability Insurance
When you own a condominium corporation, purchasing Directors & Officers liability insurance can protect you from lawsuits you are served as a result of actions taken by employees you have hired. This is incredibly important for corporations with more than one condo site.
Cyber Insurance
Even with state-of-the-art protection, hacks can still occur. These hacks may impact electronic aspects of your condominium building like elevators, doors and parking garages. For example, a hacker could prevent automatic doors from opening and closing. If your building is hacked, your policy could be used to cover expenses it could cost to solve the issue, as well as compensation to residents who were impacted by the hack.
To learn how isure can protect you with comprehensive condominium corporation insurance, call or email us today!
Cyber Insurance
Even with state-of-the-art protection, hacks can still occur. These hacks may impact electronic aspects of your condominium building like elevators, doors and parking garages. For example, a hacker could prevent automatic doors from opening and closing. If your building is hacked, your policy could be used to cover expenses it could cost to solve the issue, as well as compensation to residents who were impacted by the hack.
To learn how isure can protect you with comprehensive condominium corporation insurance, call or email us today!