MA Condominium Master Insurance Policy
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It may be more efficient or economical if your Condo Association to insure all the buildings and common elements under a single Commercial CPP and or Businessowners (BOP) policy, commonly called an Condo Association Master Insurance Policy.
The three typical ways to provide coverage, all through an association policy:
- Insures the basic building(s) (walls, roof, floors, elevators) but leaves to you the responsibility of insuring appliances, carpeting, cabinets, wall coverings, and other items in your unit, and in some instances the interior walls.
- Insures both the basic building(s) and the items within your unit other than personal property.
- Insures both basic building(s) and includes unit owner fixtures and improvements.
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When the MA condominium/association insures the structure, a unit owner policy is normally written to cover the unit owner for:
- Items not covered by the association master policy that may be your insurance responsibility.
- The value of building additions or alterations made by you, at your expense.
- Value added (If you've put in a better quality carpet than was originally there, for example, this coverage would make up the difference in case of loss).
- Damage to your unit not compensated because of the master policy deductible.
Building coverage is one of the more complex parts of insuring an association. You should discuss your needs fully our agency so that your are insured at 100% Replacement Cost.
In other instances, the condominium/association does not insure the structure. In this situation, a homeowner's policy would be written for the unit owner, just as it would be for an insured person with a conventional home.
Remember, however, that conditions in MA condominium/ association bylaws and other governing regulations may vary widely. Be certain that your policy covers any potential gaps in the condominium/ association master policy.
Our Master Condo Association Insurance:
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