Condominium Association Insurance Basics

7 Questions | By HIGInsuranceGrou | Last updated: Mar 20, 2022 | Total Attempts: 34

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Questions and Answers

1.

Which of the following is NOT part of a typical Association Insurance Policy?
- A.
  
  Boiler and machinery
- B.
  
  Crime insurance coverage
- C.
  
  Contents coverage for unit owners
- D.
  
  Directors and officers
2.

What should be used as a starting point to determine how much coverage your Association needs for their buildings?
- A.
  
  Just guess, you have a lot of experience
- B.
  
  Ask the Board President to give you a figure to use
- C.
  
  Use the most recent appraisal (should be within 3 years)
- D.
  
  Use property appraiser valuation
3.

Who should give you a certificate of insurance?
- A.
  
  Certificates are not needed
- B.
  
  Any vendor that does work on behalf of the Association
- C.
  
  Only landscapers or other hazardous occupations
- D.
  
  Only painters
4.

Which of the coverage below would cover someone who fell at the pool?
- A.
  
  Property
- B.
  
  Crime
- C.
  
  General Liability
- D.
  
  None, they would use their own insurance for medical
5.

What is the difference between a Hurricane and Wind Deductible?
- A.
  
  Wind deductibles apply to all wind while hurricane deductibles apply to hurricanes
- B.
  
  They are the same, wind is wind
- C.
  
  Hurricane deductibles don't exist anymore
- D.
  
  None of the above
6.

What is the difference between a Per Occurrence Deductible and a Per Calendar Year Deductible? (In regards to wind)
- A.
  
  No difference, they are both deductibles
- B.
  
  One applies each claim and the other once a year
- C.
  
  None of the above
- D.
  
  One is for property, one is for liability
7.

Who covers the contents of a unit?
- A.
  
  It is included in the HOA dues
- B.
  
  The unit owner is responsible for their own insurance
- C.
  
  The manager covers the contents
- D.
  
  The contents are covered under the Master policy