Insurance agents, like doctors, have a broad range of specialties and areas of expertise. Fortunately, community association insurance is one of them. HOAs have unique needs and exposures. The insurance agent serves the HOA by:
Reviewing the HOA’s documents, recommending the legal minimum insurance requirement, and recommending additional coverage that might be appropriate.
Inspecting the community and identifying exposure that needs to be addressed.
Verifying the property values for replacement and/or reproduction costs.
Reviewing the HOA’s fidelity bond, and ensuring that all appropriate parties are included.
Obtaining premium quotations and helping the board select the best program.
Educating the board about coverage, exclusions, and limitations.
Educating the residents about the HOA’s policy, where it stops, and where the residents/owners’ responsibilities begin.
Offering the unit owners special coverage and reduced rates.
Providing certificates of insurance or evidence of coverage to lenders.
Helping the board decide how claims and deductibles will be processed.
Reviewing the HOA’s claims annually and recommending how to reduce future claims.
William Douglas Management, providing excellent management services to HOAs and condominium associations since 1980.
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