Condominium Associations

Melcher & Prescott teams with top rated insurance carriers to provide flexible and comprehensive insurance programs for condominium associations.

Overview of Carrier Condominium Association Product Coverage*

Property

- Definition of building to include swimming pools, pool houses, tennis courts
- Business Income coverage – Actual Loss Sustained
- Back-up of sewers and drains
- Multiple valuation options available (Guaranteed Replacement Cost, Extended Replacement Cost, Agreed Amount)
- Unit owner improvements if required by the association documents
- Pollutant clean-up and removal
- Crime and Fidelity
- Forgery or Alteration limits available
- Theft, Disappearance, and Destruction
- Real Estate Manager coverage available
- Computer Fraud

General Liability

- Condominium unit owners as additional insureds
- Liability for common areas including swimming pools, tennis courts, lakes, playgrounds, etc.
- Real estate property managers included as additional insureds
- Employee Benefits Liability available
- Special Events coverage available for large community events

Automobile

- Owned/non-owned/hired auto
- Garagekeepers Legal Liability available

Explore Additional Coverage Options

Property Coverage Options to Suit Your Needs

Building laws safeguard coverage (ordinance or law coverage). Provides coverage for the necessary demolition of the undamaged portion of your building and subsequent upgrades to meet current building codes after a covered loss.

Inflation guard coverage. Provides coverage for inflationary increases in your building and business personal property values. The limit of insurance on your policy automatically increases at the annual percentage rate you choose.

Equipment breakdown coverage. Provides coverage for loss resulting from the sudden and accidental breakdown of machinery and equipment used in your business.

Utility services. Provides coverage when a covered loss to a power, communication or water utility interrupts service to your premises, which then causes a covered loss to your building, business personal property or loss of income.

Crisis Event Coverage. Provides expenses you may incur from a crisis event at your premises that threatens people, property, or your ability to resume regular business operations.

Data Compromise and Identity Recovery Expense Coverage

When added to your property policy this helps you to safeguard your business and comply with privacy laws before, during and after a data or identity breach – potentially costly and time consuming events.

Data Compromise Details

Data compromise expense coverage helps you to respond to a breach of the personally identifying information of customers, clients or your employees. You also receive access to services that help you protect your company’s good name, including:

-ongoing breach preparation tools and services

-help with assessing a breach and responding appropriately

-assistance with required notifications to affected people, credit bureau or government offices-support from a fraud specialist to assist affected individuals in resolving an identity fraud incident

Identity Recovery Details

Identity recovery expense coverage helps individual stakeholders, such as individual business owners, majority owners or a chief executive, to respond to a potential or actual identity theft event, including:

-reimbursement for covered expenses

-case management services

-access to a toll-free help line for questions about responding to identity theft or account takeover

Liability Coverage

Liability insurance covers claims for injury to others and damage to property of others arising out of your business operations, whether the injury or damage occurs on your premises or at your job site. You can be covered for injury or damage caused by the goods you’ve sold, for work you’ve performed, for offenses arising out of the advertising of your goods and services and for false arrest, libel, slander and wrongful eviction of others.

Liability Coverage Options to Suit Your Needs

Employment Practices Liability Insurance (EPLI). Protect your business from employment claims such as wrongful termination and age or sex discrimination.

Employee Benefit Liability. Protect your business from liability arising from errors and omissions in administrating your employee benefit plans such as accidentally failing to enroll an employee in one of the employee benefit programs that you offer.

Worldwide Business Liability. Protect your business when you do business in most parts of the world.

Bodily Injury Exceptions. Protect your business from bodily injury to others caused by the substances you use in your business.

Sexual Misconduct Liability. provides your business with legal liability coverage for damages because of injury arising out of sexual misconduct or sexual molestation.

Care, Custody or Control Liability. Protect your business against liability claims for damage to property of others when it is left in your care.

Product Recall Coverage. Cover expenses associated with a product recall.

*The listed product features are offered by carriers that are part of M&P’s team. We know that each situation is unique and that some of the features listed may not be available or only available by endorsement. The intent of listing these features is to offer an overview of common and possible coverages. Even though this is fine print, there is no intention to mislead anyone about possible coverage options or imply that these coverages are available in every circumstance.