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Insurance: Home Owners and Condo Associations

Member of Community Associations InstituteYou invest your time, money and effort toward maintaining your home or condo, so you should be confident that the insurance you purchase will protect your association when you need it most! Steffey Insurance offers an affordable way for you to obtain Property and Liability insurance. Our policies include key coverage that are important to any association, and also offers additional business-specific options that are important to any Homeowners or Condominium Association. Steffey Insurance represents carriers that protect more than $73 billion in total insured values for condominium risks as well as homeowners associations.

>Steffey Insurance provides comprehensive insurance packages for community associations. We help community managers develop ways to significantly reduce traditional insurance costs. Our carriers offer 24-hour claim service, local adjusters, claim reports, certificates of insurance for unit owners and much more. <p >Steffey Insurance is able to offer the following for your association: <p >Property Insurance Coverage Property insurance provides financial protection against the loss of, or damage to, property. Our insurance programs provide coverage for all buildings, structures, and contents owned by the association against loss or damage by any peril, except those specifically excluded within the policy. Comprehensive General Liability Coverage Comprehensive general liability insurance extends liability coverage to any location where association business is taking place. For example, many times an association’s annual meeting is held off property at a local fire hall or library, or the association may sponsor a picnic at a nearby park. This policy extends liability protection to those locations. Director’s And Officer’s (D&O) Liability Coverage Director’s and Officer’s Liability Insurance (D&O) is necessary when the consequence of the board’s alleged negligence results in mismanagement of common funds or policies. Typical claims include wrongful termination, sexual harassment, discrimination, and mismanagement of common funds. Workers’ Compensation Coverage Workers’ Compensation provides coverage required by state law for injuries to association employees and volunteers that occur on the job. Workers’ Compensation laws incorporate four types of benefits: disability (loss of income), medical benefits, survivor (death) benefits, and rehabilitation benefits. Fidelity Bond (Employee Dishonesty) CoverageThis coverage “indemnifies” the association for loss of money, securities, or any property because of acts of fraud, dishonesty, forgery, theft, larceny, embezzlement, wrongful abstraction, or willful misapplication or misappropriation, or any other criminal act by employees or volunteers. As an option, coverage can also be extended to protect the association against criminal acts by an independent managing agent.

Automobile Liability Commercial automobile liability protection covers bodily injury and property damage liability, including employers’ non-owned and hired automobiles.

Comprehensive Equipment Coverage The Property Insurance Policy excludes the peril of all mechanical breakdown (including machinery failure) and electrical arcing, burnout, or a short circuit. The Comprehensive Equipment Policy covers this peril and pays for damage to the association’s equipment and property and the property of others damaged by the accident. Property covered includes emergency power equipment and all electrical equipment, such as cabling, wiring, panels, circuit boxes, and utility transformers. The policy will also pay for the extra cost to continue operations and loss of income, if any.

Umbrella Liability Coverage Umbrella liability insurance closes the gap between underlying limits of coverage and possible claims in excess of that coverage. In recent years, it has become common for businesses, associations, and individuals to purchase this type of coverage, partly because today’s juries often award huge sums of money to litigants. Because there is no “standard” umbrella policy, it is important for a community association to work closely with an insurance professional in designing such a policy.

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