A "Master Policy" would be owned by the Condominium Association. Each property owner would also want to have a separate Condo Owner's policy. Why?
The master policy protects loss to the structures from the inside walls out, as well as the common areas (rec room, swimming pool, carports, etc.). A condo owner's policy protects against the negligence of the dweller who causes damage to the exterior wall structure, to the personal property of others due to that same negligence, as well as personal property and contents and other interior items (plumbing fixtures, sinks, light fixtures, appliances, etc), and liability claims (personal injury or property damage) of third-parties (visitor/guests/burglars) not covered by the Master Policy.
Posted: Mon Jun 09, 2014 07:49 pm Post Subject:
A "Master Policy" would be owned by the Condominium Association. Each property owner would also want to have a separate Condo Owner's policy. Why?
The master policy protects loss to the structures from the inside walls out, as well as the common areas (rec room, swimming pool, carports, etc.). A condo owner's policy protects against the negligence of the dweller who causes damage to the exterior wall structure, to the personal property of others due to that same negligence, as well as personal property and contents and other interior items (plumbing fixtures, sinks, light fixtures, appliances, etc), and liability claims (personal injury or property damage) of third-parties (visitor/guests/burglars) not covered by the Master Policy.
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