Condo associations are responsible for maintaining the property and managing the finances of its membership. A proactive approach to risk management is an essential element of achieving both of these important duties. Condo board members and the property management companies that work with them need to carefully evaluate how to safeguard their condo buildings’ assets.
General Liability Insurance
Condo insurance coverage must include a general liability policy. General liability will protect the association in the event that someone makes a claim against it.
It is imperative that condo buildings maintain adequate property insurance. A condo’s property insurance policy will generally not cover claims relating to an individual resident’s unit but rather only the common area elements of the building.
Directors and Officers Insurance
The individuals who serve on a condo board should have a directors and officers policy that offers coverage if there is a legal claim made against them relating to their service on the board. This vital policy can help to protect board members from personal liability in legal action.
Ultimately, board members should familiarize themselves with their condo’s insurance. Working with a knowledgeable insurance representative who is experienced in serving condos can help to review current coverage levels and identify any gaps in existing policies.
There are many financial considerations that go into being a property lessor or lessee. As you embark on either process, one major consideration should be lease insurance. As you begin to look at this insurance, there are some principles to follow to help ensure all parties are financially secure and protected.
Be Prepared To Pay Upfront
It may be tempting to look for the lowest rate or the biggest discount, but always make sure you know what you’re buying. Saving money at the outset may end up costing you much more if there are problems later.
Be Friendly With Your Broker
Your broker can help you save money without cutting coverage. Lease insurance is complicated and broad, and an expert can help you ensure that you have the coverage you require without paying more for extras that you don’t need.
Understand Your Lease
Always thoroughly read and understand the lease. Whichever side of the table you’re on, understanding what coverage is being offered is key to protecting your finances, avoiding surprises and maintaining a healthy lessor-lessee relationship.
Understanding lease insurance from either the lessor or lessee perspective can initially seem complicated. Luckily, following some basics precautionary principles can help make sure that negotiations are fair and your coverage is secure.
Operating a marina or yacht club carries with it a significant number of risks. As such, your insurance coverage needs to be able to accommodate your business in the areas of marina liability, property protection and employee protection.
Marina Liability Protection
Liability insurance is imperative when you operate a yacht club or marina. There are specific types of coverage that are geared towards your type of business, such as marina operator’s legal liability protection. General liability covers your business from third party claims of bodily injury, property damage and reputational harm.
Property insurance is imperative for a marina or yacht club. You need to make sure that you have coverage for the various types of property found at your place of business. This may include:
- Real estate
- Personal property
- Docks, piers and wharves
- Owned vessels
- Operational equipment and tools
Federal law requires those who operate businesses on or adjacent to water to carry a specific type of worker’s compensation insurance called United States Longshore & Harbor insurance. USL&H coverage is similar to state-level worker’s compensation, but the requirement to carry this type of insurance supersedes state laws.
Make sure your marina or yacht club is fully protected. An insurance company that specializes in marine policies can ensure you have the marina liability, property and employee protection you need.