How to insure a habitational association risk

Condo / Apartment WRAP

• Designed to provide required coverage for condominium, apartment and homeowners association risks, other than the basic perils property policy.

• A perfect fit when using Citizens Property Insurance Company on association property.

Condo / Apartment WRAP

• Available coverages– Commercial General Liability

– Difference In Conditions (DIC)

– Boiler & Machinery

– Directors & Officers Liability (Condo)

– Commercial Umbrella

– Hired & Non-Owned Auto

– Garagekeepers Legal Liability

– Loss of Rents (apartments)

Commercial General Liability

• Limits available up to $1,000,000 per occurrence $2,000,000 aggregate.

• Rating basis is number of units, number of swimming pools, and commercial exposures, if they exist.

Difference In Conditions (DIC)

• This policy provides coverage for the perils excluded from the Citizens Basic Perils policy. This essentially results in a Special Form Policy also referred to as “All Risk” coverage.

• This policy is available on a monoline basis or in conjunction with the GL WRAP policy.

Directors & Officers Liability

• A current financial statement is required.

• D&O application is also required.

Garagekeepers Legal Liability

• Available for condominium associations offering valet parking to residents and guests.

• Limits available up to $1,000,000.

Loss Of Rents

• Coverage not available from Citizens.

• Available ex-wind or with wind.

• Available only for apartment risks.

• Can be combined with our DIC policy.

• Fills a gap in the Citizens policy.

Start with the “Basic Form” policy available from

Citizens Property Insurance Company.

Add Braishfield’s Difference In Conditions policy. This adds the coverage needed to equate to a

“Special Form” property policy.

Commercial General Liability is next.

Available with a per occurrence limit of

liability of $1,000,000.

If needed you can add specific coverage for

generators, pumps and other equipment

through our boiler and machinery policy.

Employee Dishonesty bond, required by most

associations.

Hired and Non-Owned auto liability is a must!

Although few associations own any vehicles, owned auto coverage is available.

Although many condos do not have employees,

they still have a work comp exposure. We can provide coverage for association risk with or

without actual payroll.

Director’s & Officer’s liability

coverage is invaluable. It

covers the errors and

omissions of the members of the board of directors.

The final piece of the

condo association insurance

puzzle is the commercial umbrella. Available

limits up to $50,000,000.

Once you place the Citizens

policy, all the other pieces of

the condo package policy

puzzle are available at one

place.

When writing an apartment

complex, just replace Directors & Officers with Loss of Rents.

Product availability is subject to change 5/25/06