COVERAGE DESCRIPTION: A homeowner or condominium unit-owner may be held liable for losses assessed for loss to, or on, common property for which the association is responsible.
IS THIS OPTION RIGHT FOR YOU? Loss Assessment coverage is a must if you are a member of an association. Losses assessed may include amounts in excess of the association’s master policy or uncovered losses for the property of liability.
CLAIM EXAMPLE: When a child drowned in a pond on association property, the judgment awarded in excess of the association’s policy was passed along to its members.