We review the condominium ownership documents to determine what exposure our client has for rebuilding the unit after an event that damages the structure of the unit. We then verify with the property manager and the agent for the condominium associationís master policy that the coverages in the master policy are consistent with the terms of the condominium documents.
Next, we review our findings with the client and discuss their risks and options. Finally, we place appropriate coverages for not only the construction risk, but also for the personal property and valuables of the client, and the personal liability exposures that are unique to each client.
Some states have defined the obligations of the unit owner and the condominium association as it applies to all condominiums in their state, thereby making insurance for condominiums very straightforward. Others leave that process up to the unique document of each condominium association. In both cases, we work closely with our clients to develop an appropriate coverage strategy.