All Risk vs Named Perils Coverage Forms

Coop-Condo unit owner insurance policies are contracts made up of pages and pages of fine print.  This defines what’s covered, what’s not, your responsibilities as the policyholder and ultimately how covered losses will be handled and paid.  There are two types of contracts you can purchase.  The “named peril” contract is the standard and sold by most insurance companies.  The “all risk” contract includes fewer exclusions and less fine print to provide broader protection and exceptional claim handling.  Always be sure to read your policy in it's entirety to familiarize yourself with all the coverage, exclusions, terms and conditions that make up your insurance protection.

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What is Additions & Alterations Coverage?

The additions-alterations coverage limit included in a policy (sometimes referred to as the dwelling limit) represents the amount of money the company will pay to restore or reconstruct your unit after a covered loss.  The insured amount should consider your kitchen & appliances, baths, floors, wall coverings, fixtures, built-ins and any other affixed property deemed to be your responsibility by the association’s by-laws.  This may include the windows, balcony, porch, patio, terrace, etc.  Always be sure to read your by-laws before purchasing a policy.

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"Contents" vs Valuable Items

The contents coverage limit included in a policy (sometimes referred to as the personal property limit) represents the amount of money the company will pay to restore or replace furnishings, décor, clothing, etc after a covered loss (valuable items are not included).  The policy may or may not cover theft claims that occur away from your residence such as the gym, office, hotel, restaurant, etc.  Each policy also varies with respects to contents in storage or transit.  Check the policy carefully.  A “valuable items rider” can be added should you own jewelry, fur, fine art, silverware, hobby/collectibles, wine collections and more.  Valuable items coverage is typically provided on an all risk, worldwide, deductible free basis.  Both scheduled and blanket coverage options are available.  Appraisal requirements vary by insurance company.

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Personal Liability Insurance

Comprehensive Personal Liability insurance will be included in the coop-condo unit policy. This provides legal defense costs and asset protection against personal injury and property damage claims resulting from your use or ownership of the property and/or your personal activities away from home. Coverage limits ranging from $100,000 to $10,000,000 are available (limits >$10M subject to additional underwriting). Exclusions and restrictions apply & vary by insurance company, be sure to read your policy carefully. Coverage for the following exposures are not automatically included, but can be added should you have additional concerns or needs...

Workers Compensation & Employment Practices for Domestic Workers & Household Staff ... Commercial General Liability For In-Home Business Pursuits ... Automobile Liability for Rented or Borrowed Cars ... Non Profit Directors & Officers Liability Should You Handle or Oversee The Funds or a Trust or Non-Profit Org

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Loss of Use / Additional Living Expense

Loss of Use (aka Additional Living Expense) is an extremely important, yet frequently overlooked coverage.  The amount shown in the policy represents how much money and/or for how long the insurance company will pay to maintain your family’s way of life should a covered loss render your unit unlivable.  The coverage amounts, length or time, terms and conditions vary by insurance company. Be sure to read your policy carefully. 

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Common Property & Loss Assessment Protection

Loss Assessment Protection is another valuable but frequently overlooked coverage.  The Loss Assessment coverage amount included in a policy represents the amount of money the company will pay on your behalf should the building and/or common property suffer a covered loss and you are assessed as a result.  The coverage limits, exclusions, terms and conditions vary by insurance company.  Be sure to read your policy carefully.  It’s also extremely important to note that loss assessments caused by earthquake or flood are not automatically included in the coop-condo unit policy.  Supplemental flood and earthquake coverage can be purchased should you have concerns.

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