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Liability coverage Homeowners may have more liability risk than condo and co-op unit owners, especially if you have what the insurance industry calls “attractive nuisances” on your property.
The cost increases for commercial condo association policies, what coverage associations rely on for shared structures, including the roof. ... and rising liability for contractors and architects ...
Personal liability coverage: ... For a homeowners policy containing $250,000 in dwelling coverage, the average cost is $1,428 per year. Individual rates may vary depending on the location, size ...
Designed to span the gap between the coverage provided by the blanket policy written for the entire neighborhood or building and the personal property inside the home. The condominium association's by-laws may determine the total amount of insurance necessary. E.g., in Florida, the scope of coverage is prescribed by statute – 718.111(11)(f). [14]
[1] [3] Depending on the project, there may be endorsements providing additional coverage such as Contractors Pollution Liability (CPL), Builders Risk Insurance, terrorism insurance and umbrella insurance. OCIPs are also frequently referred to as "wrap-up insurance" or "wrap policies" in the insurance industry. [1] [4]
A typical business owner's policy includes property and liability insurance. The property insurance portion of a BOP is available most often as named-peril coverage, which provides compensation only for damage caused by events specifically listed in the policy (typically fire, explosion, wind damage, vandalism, smoke damage, etc.). [3]
Some on Citizens' board raised concerns that this could amount to a lot of liability for the state's insurer of last resort. Condo buildings with uninsurable roofs to get Citizens' coverage as ...
An 18th-century fire insurance contract. Property insurance can be traced to the Great Fire of London, which in 1666 devoured more than 13,000 houses.The devastating effects of the fire converted the development of insurance "from a matter of convenience into one of urgency, a change of opinion reflected in Sir Christopher Wren's inclusion of a site for 'the Insurance Office' in his new plan ...