Here are some customizable features available in the Business Condo Association Policy:

• Building Coverage – Covers the building and anything attached to it, i.e., fixtures, flooring, and cabinets, as well as any common buildings your Business Condo Association might have.
• Backup of Sewer and Drain – May provide coverage for accidental direct physical loss caused by a covered backup to business personal property at your location.
• Comprehensive General Liability - Helps protect against legal liability caused by bodily injury, property damage, personal injury, and advertising injury to others.
• Directors and Officers Liability - Protects your association board members against claims alleging wrongful acts in carrying out their duties.
• Employee Dishonesty - Provides coverage in the event of a direct physical loss to your business, personal property, and money and securities caused by a dishonest act committed by an employee. In addition, if your association contracts someone to manage the property, i.e., a Property Management firm, the association should consider obtaining a Fidelity Bond.
• Ordinance and Law - Covers the increased cost to repair or rebuild due to the enforcement of municipal laws or regulations regulating the construction or repair of damaged buildings caused by a loss.
• Inflation Coverage - This coverage automatically increases the insurance on your buildings and association's personal property to help keep pace with inflation.
• Loss of Income and Extra Expense - This covers up to 12 months of lost income if there is a suspension of your business operations caused by an accidental direct physical loss covered by the policy. This includes the necessary extra expenses you incur during the period of restoration after the same loss.
• Replacement Cost Claim Settlement - Claim payments may be based on the cost of replacing your damaged property, subject to policy conditions or provisions.

If you live in an association-managed condominium, that means you share ownership of common areas with all the other owners. This includes your home’s exterior, the swimming pool, elevator, courtyard, gym, etc.

These spaces deteriorate over time because of regular wear and tear. But, sometimes, they can get damaged because of unforeseen accidents and events. That’s why every condo association needs a full-proof insurance policy to cover the costs of refurbishments and repairs during times of crisis.