Protect Your Condo Complex and Association With Comprehensive Coverage for Any Event

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When people think of real estate in Florida, waterfront properties and condominiums are among the first investments that come to mind. In fact, as we’ve stated in a previous blog post, more than three million people live in condominium complexes across our state – many of which are located along the Gulf Coast. And it’s up to condominium associations to not only oversee these properties and for Floridians who reside within them, but also to lease property, maintain and repair common areas, and more

There are many risks and unforeseen circumstances that can arise while overseeing multimillion-dollar condominium complexes that extend well beyond severe weather, like hurricanes, which can cause damage to the exterior of buildings, pools and surrounding property. At Boyd Insurance & Investments, our commercial account managers, like Julie Boswell and Kayla Baum, know the value and power of a tailored Master Association Condominium Insurance policy – coverage that provides protection for entire properties, shared facilities and shields the association and its members from a variety of liabilities. Here are a few ways these plans can help your condominium association feel confident in the face of catastrophe. 

Your Beautiful Property Stays Protected

Master Association Condominium Insurance offers coverage for a myriad of situations and locations across your complex. This extends well beyond flood insurance, provided by the National Flood Insurance Program (NFIP), or building coverage, which safeguards the physical structure of the property, from buildings and common areas, like pools, hallways, fitness centers and lobbies, to shared structures such as roofs, elevators and parking lots. Florida alone has the most personal injury cases per capita with 127 seen in court per 100,000 people – well over the national rate of 9.53 – which is why general liability insurance provides an essential layer of protection.

In the unfortunate event that bodily injuries or property damage occurs within common areas, the complex and your association can be shielded from financial losses that may result from lawsuits. And, when those costs exceed your limits, umbrella insurance kicks in to cover the association from further unforeseen financial losses.

Insurance Even Covers Equipment and Employees

Your condominium may offload landscaping duties, maintenance or repairs onto outside companies. Nevertheless, the need for workers’ compensation is incredibly important if and when injuries occur on the property. Association volunteers may hurt themselves while carrying out their duties as a member. For example, they may slip and fall while carrying a yard sign or injure themselves placing a stake in the ground. Some outside contractors also require condominium complexes to provide workers compensation for whoever is performing a job on site. 

And failures are bound to occur with equipment around your complex. Think about it: how many times have you taken the stairs because an elevator was out of service? Equipment breakdown coverage mitigates the impact felt across your complex, from faulty HVAC systems to machinery malfunctions and more. 

Crime and Costly Decisions Are Covered

Directors and officers insurance (D&O) covers the legal expenses and defense costs in the event your condominium faces a lawsuit, resulting from their decision while governing the association. In fact, the D&O insurance is practical for a variety of boards aside from those found at complexes, including major IPO companies. Last year, the D&O market size was over $25 billion – and it’s expected to reach $48 billion by 2030

And crime insurance not only shields your complex from various unlawful acts that can occur on the property – including damage – but also from within the association. For example, this type of coverage can minimize the financial fallout stemming from embezzlement, such an association member personally stashing funds earmarked for a specific purpose.  

With Condo Insurance, No Scenario is Omitted

As a condominium association, it’s vital to be protected across the board, which is why having both D&O and errors and omissions insurance (E&O) is so important. E&O is crafted to shield not only board members but any employee or representative against claims of negligence or failing to provide services. For decades, our family at Boyd Insurance & Investments has created Master Association Condominium Insurance coverage plans for many complexes of all sizes – and you can count on us to help you navigate the process of finding a policy that works best for your needs. 

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