Cohousing-L Mailing List: Re: Community Association Insurance

[Sue STIGLEMAN (sstigleman]

At Westwood Cohousing in Asheville, NC, our master policy is with Auto-Owners, 
as is our worker's comp (where we pay for any workers who don't have their 
own).  Our Directors & Officers insurance is with IHG, whom I understand is the 
Cadillac of D&O insurance, as of a few years ago, when we realized that the D&O 
coverage through Auto-Owners was severely limited in what it covered.  
No real stories to tell.  Auto-Owners does send an inspector out every few 
years to check our site against our policy to make sure we've got everything 
covered.  We like our agent too.  She's been quite helpful, and we review our 
coverage with her every few years or so.   
Our insurance is by far and away our largest single annual expense -- up over 
$10,000 now, and it goes up every year.  We're pretty conservative about 
covering our risk, so we don't underinsure ourselves.  I don't think we're 
overinsured either. 
We do recommend that individual homeowners carry loss adjustment insurance (I 
think that's the right term) -- it's an add-on to their liability that covers 
any liability claims that go over the Association's liability coverage.  It's 
pretty cheap -- about $10/year.  
--sue

>
> Will you please share the names of companies insuring your Community
> Association (HOA) and the Community Owned properties?
>
>
> If you have any cautionary reality tales to share about the risk of being
> over insured or under insured, that would be helpful also.
>
>
>
> Thanks immensely,
>
>
> Tom Lofft
>
> Liberty Village, MD
>