Condominium association programs can be a challenging risk to insure as they require a broad range of coverages. General Liability coverage provides defense and settlement costs associated with a lawsuit levied against the Association. For example someone slipping and falling in the common areas of the Association property. Property coverage is necessary to insure the common area, buildings and fixtures as well as that portion of the habitation units owned by the Association. Directors and Officers coverage, also known as D&O, protects board members from personal liability associated with being on the board of directors.
Many condos located in coastal areas will require flood insurance as well as excess flood insurance due to the high value of the buildings. Condominiums located on the beach or in the wind pool will usually have to buy their wind coverage from the Florida wind pool. Variations of property coverage are available including high deductible programs and layered programs. Additional coverages that may be needed include Difference in Conditions, Loss Assessment and Incidental Workers Compensation. Gulf Coast Underwriters has partnered with select insurance companies to provide the best coverage available for Condominium Associations.
Office building and large properties can be difficult to insure in Florida because of extreme weather conditions. Gulf Coast Underwriters represents many companies that offer various programs to insure these risks including quota share, layered and high deductible options. These risks also require General Liability and Umbrella coverage with higher limits. If not included in the property policy these risks may also require windstorm coverage from the Florida wind pool.
Whether it’s a strip center with multiple occupancies or a 30 story office building Gulf Coast Underwriters offers a product that will fit your insurance needs.