As part of our community management services package, we:
Commercial General Liability (CGL) - This insurance protects against claims others may make against the association. The four coverages provided are bodily injury, property damage, personal injury, and advertising injury. Coverage applies for accidents that occur during the policy subject to policy limits. Homeowners are also covered as additional insureds. There is usually no deductible.
Directors & Officers (D&O) - Disputes can and do arise over assessments, liens and DRV's. D&O protects the association and its directors from claims for mismanagement. Coverage is provided for claims that are made against the association during the policy period, subject to the 'prior claims' or retroactive date. A deductible for each claim applies.
Commercial Property Insurance - Most associations have some commonly owned property. The property should be insured for its full replacement cost. This is likely not the same value that is on a reserve study which identified the cost to repair various items. It is important to have and review at Statement of Values every year. Property is subject to a deductible per claim. Often there is a separate, higher deductible for wind/hail. A wind/hail deductible buy-down may be available.
Fidelity/Crime - This coverage protects against the theft of cash by an employee - which, for HOA's includes directors, officers, and volunteers. The FHA and some states require condos and other community associations to carry this coverage with the management company named an additional insured.
Non-owned Auto - This insurance protects the HOA in the event someone who is driving on association business is involved in an accident and does not have adequate insurance to pay for all the damages.
Workers' Compensation - Many associations do not have employees. However, some courts have held homeowners association responsible for paying workers' compensation benefits to employees of uninsured vendors injured while working for the association. There is insurance available that provides no-fault medical coverage if volunteers, board or committee members working at the direction of the board get injured.
Umbrella/Excess Liability - This policy provides additional limits of insurance for liability claims, Coverage should be excess of commercial general liability, auto liability and D&O. Every association should consider this relatively inexpensive additional coverage.
What is the community's five-year loss history? At least once a year, a homeowners association should obtain updated loss runs from their agent and review them. Current loss runs will reflect any claim development and include losses reported after the policy has expired.
Some associations want three bids each year for their insurance policy renewals. While this may seem reasonable, there are factors to consider. First, this is a specialized type of insurance, and there may not be that many bids available. Second, many insurance companies reward loyalty; should a loss occur, an insurer that has been with a company for several years is less likely to get canceled or have significant premium increase.
Insurer rated A++ XV by A.M. Best Company
CiraConnect Insurance Services is a stand-alone insurance agency, which handles insurance for condominium and community associations.
California, Colorado, Florida, Illinois, North Carolina, Texas, and Washington
Property: "Blanket Basis" - 2 groups, no coinsurance
General liability - $1,000,000/2,000,000
OPTIONAL - quotes will include these coverages
Non-owned auto liability $1,000,000/2,000,000
Cyber Liability | Data Breach Liability $10,000
Privacy Liability $25,000
Crime | Employee theft $50,000
- Signed application, plat or community map
- Loss runs -Only if there has been a loss within
Premiums payable in full or installments
Back-up of water/sewer
Building Ordinance or Law
Waiver of Subrogation+
*actual loss sustained up to 12 months
+ available for $50 additional premium
*Disclaimer: none of the information provided on the website is a guarantee that insurance will be provided or that the agency is obligated to procure insurance for the website visitor*