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Condo Association Insurance

Condo Association Master Insurance Policy for Minnesota Condominium Association

condo association Minnesota

We are specializing in providing Condo Master Policy insurance to Minnesota Condominium Associations.

In engaging in a Condo Association Insurance, it is important to have an idea on what the Insurance Master Policy is. It is obvious that a condominium is not the same as a house; therefore the Condo Association Master Insurance Policy is quite different from the Home insurance policy.

Since the owners of a condominium unit don’t own the entire complex, it is important to note that these owners are not responsible for the entire complex but the unit in which they own.

The Condo Association Insurance Policy provides coverage for everything within the four walls of the condo owner’s unit including hallways, elevators, sidewalks, roofs and even the building equipment depending on the type of association master policy applied for.

Insurance Master Policies. Two major types:

There are two major categories of a condo master insurance policy; the Bare Walls Coverage and the Modified Single Entity/ All-in Coverage.

  1. The Bare Walls Coverage: This covers the basic building elements, that is all real property from the exterior framing inwards (such as; the walls, roof, floors, and elevators) but it does not cover the fixtures and installations within the condo unit (such as; bathroom, kitchen fixtures, countertops, cabinets, wall covering, appliances etc).
  2. The Modified Single Entity/ All-in Coverage: This policy covers all installations and fixtures. It provides a comprehensive coverage for standard or upgraded permanent fixtures and finishes and also for additions and improvements. This policy gives the condo owner a limited coverage need.

The association by-laws may further specify what is and is not covered by the policy and what type of coverage unit the owners must purchase.

Here are some customizable features available in the Business Condo Association Policy:

  • Comprehensive General Liability Coverage: This provides a broad coverage for the insured against legal liability caused by accidents that can occur at your complex. The association can be sued for damages if the complex fails to provide adequate security for the unit owner.
  • Backup of Sewer and Drain: It provides coverage for accidental caused by a backup already covered to a business property.
  • Building Coverage: It covers a building and anything attached to it (its fixtures, flooring etc)
  • Directors and Officers Liability: As the name implies, it protects members of the association if they are sued as a result of their performance.
  • Employee Dishonesty: It provides coverage when it comes to direct loss of property, money, and securities caused by a dishonest act committed by an employee.
  • Inflation Coverage: This coverage helps you keep pace with inflation by increasing the amount of insurance on your building.
  • Ordinance and Law: When there is an increased cost due to enforcement of municipal laws, this covers the increased cost to repair or rebuild.
  • Loss of Income and Extra Expense: If your business operation is suspended due to an accidental direct physical loss, this covers up to 12 months of lost income.

Speak our Condo Association Insurance expert at:
(651) 964-4020 Mon-Fri: 8am–5pm CST