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General liability coverage protects the association against claims for damages because of bodily injury or property damage to others which can occur at your complex.
A General Liability policy provides three primary coverages. Bodily Injury includes coverage for required medical attention and lost work time; property damage includes coverage to repair or replace damaged property, as well as loss of use; and personal and advertising injury includes coverage when you are sued for libel or slander. A General Liability policy also includes medical payments for small claims that cause injurywithout having to establish that the insured was actually at fault
Condo association liability insurance can provide coverage for potential lawsuits. A classic example is the “slip & fall” where someone is injured at the association and files a lawsuit. If the complex has a pool, hot tub, fitness center or other shared spaces, the possibility for bodily injury or property damage occurring on the premises is even greater.
Condo association insurance policies typically provide between $1 million - $3 million in general liability coverage to protect the association from lawsuits in these types of situations. Additional liability coverage can be obtained to further protect the association through the purchase of an Umbrella policy.
Note: individual unit owners should purchase personal liability coverage in order to protect themselves from lawsuits related to incidents that happen inside their units. This coverage should be included in their condo unit owners policy.
Contact McDaniel Insurance, your community association insurance specialist, to provide your condo association with the customized, comprehensive coverage it deserves. Call 502.909.0920 or email Deanna@McDanielins.com