The last thing any condominium association wants to address is the aftermath of a natural disaster or unfortunate situation such as wind, water, or fire damage. Should you find yourself in such a situation, make certain that you have our competent, experienced team on your side to guide you through the complexities of your insurance claim.
Understanding how the association’s master insurance policy intertwines with individual unit owner policies, condominium documents and by-laws is critical for maximum recovery. Further complicating the mater, vague language can be contained within insurance policies and condominium association’s by-laws leaving coverage decisions open to interpretation. This vagueness, if not identified timely and handled appropriately, can hinder the probability of a positive claim settlement for the association.
A common mishap generally happens something like this:
A condominium Board of Trustees is unaware of the Insurance Clause within the association’s Declaration of Trust. Not understanding the importance of this section, the association forwards the requested Declaration of Trust to their insurer without an audit from an industry professional, such as Stark Loss Consultants. Unbeknownst to the association, this clause, although very confusing at times, directs the general exposure of an insurer at a time of loss (the damages they are liable for). This section, if not examined in meticulous detail, can easily be improperly interpreted by your insurer, triggering a sizable reduction in payout. The insurance settlement shortfall could prompt considerable unit owner assessments in order to properly fund the repairs.
This situation, although very common, is 100% preventable with proper guidance. Our team of public adjusters will make certain that you are well represented after your loss and limit potential condominium association exposures before they become a problem.
Allow us to:
- Review and analyze your Condominium By-Laws
Coordinate a review of the Master Insurance Policy and Individual Unit Owner Policies
- Review the original Declaration of Condominium Trust
- Coordinate all emergency services to prevent further damages for the Condominium as well as the Unit Owner
- Develop repair scope for all building damages as they relate to the Condominium as well as the Individual Unit
- Assist in the coordination of inspections for both Unit Owner and Insurance Company Adjusters
Don’t let the ambiguity with your associations insurance policy open the door for your insurer to make a less than reasonable settlement offer. Let our seasoned public adjusters’ remove all vagueness from the claim so that you can restore your property without unnecessary capital contributions from the association or unit owners.