ASSOCIATIONINSURANCE FAQS
THE QUESTIONS BOARDS ASK MOST — ANSWERED BY SPECIALISTS WHO HAVE PLACED THESE PROGRAMS SINCE 1881.
COMMUNITY ASSOCIATION INSURANCE — THE COMPLETE FAQ.
WHAT INSURANCE DOES AN ASSOCIATION NEED?
At minimum: master property at replacement cost, GL, D&O, fidelity, and umbrella. Depending on operations: workers' comp, flood, equipment breakdown, inland marine, cyber, and EPLI.
WHAT IS THE DIFFERENCE BETWEEN THE MASTER POLICY AND HO-6?
Master policy covers building structure and common elements. HO-6 covers interior improvements, personal property, unit liability, and loss assessment. The boundary depends on bare walls, single entity, or all-in coverage.
WHAT DOES BARE WALLS VS SINGLE ENTITY VS ALL-IN MEAN?
Bare walls = structure only as built. Single entity = structure plus original fixtures. All-in = structure plus all improvements including owner-made. Each shifts the boundary between master policy and HO-6 responsibility.
HOW MUCH LIABILITY COVERAGE DOES AN ASSOCIATION NEED?
GL reflects amenity exposure — pools, playgrounds, fitness, roads. Umbrella accounts for catastrophic severity. More amenities = more coverage needed.
WHAT IS THE BOARD'S FIDUCIARY DUTY FOR INSURANCE?
Board must maintain adequate coverage. Failure to carry required coverage or allowing lapses exposes board members personally. D&O protects against claims of breach of this duty.
HOW DOES THE ASSOCIATION CHOOSE A BROKER?
Look for association-specific experience, access to admitted and surplus lines markets, warrantability knowledge, and hard-to-place track record. General commercial brokers may lack association expertise.
GET YOUR QUESTIONS ANSWERED BY ASSOCIATION SPECIALISTS.
Kelly Insurance Group has answered these questions for boards since 1881. Let us answer yours.
The availability of coverage and eligibility for coverage can depend on numerous factors. We cannot guarantee that all customers, individuals, and businesses looking for coverage will be successful in these efforts when contacting our team. All policy coverages and terms need to be fully reviewed by the respective consumer to ensure the coverage asked for is what is specifically being quoted or provided by any insurance policy. Insurance Policies, Coverage Changes, and their terms and conditions are not bound or altered until written confirmation is provided by one of our licensed team members or underwriters. This page does not offer legal advice, legal opinions, or policy interpretations. Rather, this page is meant as a resource to help provide customers and insurance consumers with additional considerations that may help in their insurance buying or pursuit of insurance information. Kelly Insurance Group does not employ or direct attorneys.
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Disclaimer: Coverage availability and eligibility may depend on underwriting review, carrier guidelines, policy terms, state requirements, business operations, risk characteristics, and other information provided during the application or quoting process. Kelly Insurance Group cannot guarantee that every individual, customer, organization, or business seeking coverage will qualify for, receive, or successfully place insurance coverage. All policy coverages, exclusions, conditions, limits, endorsements, and terms should be carefully reviewed by the consumer, insured, or applicant to confirm that the coverage requested is the coverage being quoted, offered, or provided. Insurance coverage, policy changes, endorsements, cancellations, and other policy terms are not bound, changed, confirmed, or altered unless and until written confirmation is provided by a licensed Kelly Insurance Group team member, the applicable insurance carrier, or an authorized underwriter. This page is provided for general informational purposes only and does not provide legal advice, legal opinions, insurance coverage opinions, or policy interpretations.