Cracking the Condominium Conundrum
Presenter - Christopher J. Boggs, CPCU, ARM, ALCM, LPCS, AAI, APA, CWCA, CRIS, AINS
1:00 to 2:30 p.m. Eastern Time
REGISTRATION IS NOW CLOSED
How can a policy generating about $75 in revenue cost you $5,000, $10,000, or more? Believing that writing an HO-6 is quick and easy is the beginning of an E&O storm that can cost you thousands (your E&O deductible).
Because the unit owner's coverage must dovetail seamlessly with the association's coverage, the same information is required for both regardless which person or entity is your client. Every agent writing either a unit owner OR a condominium association must have:
- A copy of the association's declarations and covenants, conditions and restrictions (CCRs);
- A copy of the applicable state statute;
- An official letter documenting the unit's boundaries and detailing who is responsible for insuring which property; and
- A verifiable or signed property valuation.
Having this information allows you to answer the three KEY questions faced by every agent when analyzing and placing coverage for either a unit owner OR a condominium association:
- Who "owns" what property?
- What value applies to the owned property (or what value should be used)?
- Who is liable for bodily injury and/or property damage?
Not knowing, or just guessing at, the answers to these three questions can leave gaping holes in coverage. The unit owner, the association, or both may be vastly underinsured.
Join us January 18, 2017, to crack the condominium conundrum, or just to figure out how to properly write coverage for the unit owner AND/OR the association. In this webinar we show you how to answer the three key questions while at the same time revealing:
- Three levels of associational responsibility (and, thus, the unit owner's responsibility);
- Four "real property" definitions unique to condominiums;
- How to properly extend real property coverage for the unit owner;
- How an NFIP policy muddies the water (so to speak); and
- Various valuation methods potentially applicable to associations.
Whether you write the association or the unit owner, you can learn a lot from this webinar.
NOTE: CE will not be offered for this webinar.