The Community Association
Insurance Program provides comprehensive insurance packages
for community asscdir. We help community managers
develop ways to significantly reduce traditional insurance
costs. The program services include 24-hour claim service,
quarterly claims reports, certificate management reports,
coverage checklists, and monthly publications on insurance
issues and industry information.
In addition, the professionals in the Community
Association Division act as indispensable advisors,
providing timely advice on current insurance trends,
and present educational seminars that address issues
of interest to community asscdir.
The Community Association
Insurance Program offers the following coverages:
Property insurance provides financial protection
against the loss of, or damage to, property. USI's insurance
program provides coverage for all buildings, structures,
and contents owned by the association against loss or
damage by any peril, except those specifically excluded
within the policy.
Comprehensive general liability insurance extends
liability coverage to any location where association
business is taking place. For example, many times an
association’s annual meeting is held off property at
a local fire hall or library, or the association may
sponsor a picnic at a nearby park. This policy extends
liability protection to those locations.
Director’s And Officer’s
(D&O) Liability Coverage
Director’s and Officer’s Liability Insurance (D&O)
is necessary when the consequence of the board’s alleged
negligence results in mismanagement of common funds
or policies. Typical claims include wrongful termination,
sexual harassment, discrimination, and mismanagement
of common funds.
Workers’ Compensation provides coverage required
by state law for injuries to association employees and
volunteers that occur on the job. Workers’ Compensation
laws incorporate four types of benefits: disability
(loss of income), medical benefits, survivor (death)
benefits, and rehabilitation benefits.
Fidelity Bond (Employee
This coverage "indemnifies" the association
for loss of money, securities, or any property because
of acts of fraud, dishonesty, forgery, theft, larceny,
embezzlement, wrongful abstraction, or willful misapplication
or misappropriation, or any other criminal act by employees
or volunteers. As an option, coverage can also be extended
to protect the association against criminal acts by
an independent managing agent.
Commercial automobile liability protection
covers bodily injury and property damage liability,
including employers' non-owned and hired automobiles.
The Property Insurance Policy excludes the peril
of all mechanical breakdown (including machinery failure)
and electrical arcing, burnout, or a short circuit.
The Comprehensive Equipment Policy covers this peril
and pays for damage to the association’s equipment and
property and the property of others damaged by the accident.
Property covered includes emergency power equipment
and all electrical equipment, such as cabling, wiring,
panels, circuit boxes, and utility transformers. The
policy will also pay for the extra cost to continue
operations and loss of income, if any.
Umbrella liability insurance closes the gap between
underlying limits of coverage and possible claims in
excess of that coverage. In recent years, it has become
common for businesses, asscdir, and individuals
to purchase this type of coverage, partly because today’s
juries often award huge sums of money to litigants.
Because there is no "standard" umbrella policy, it is
important for a community association to work closely
with an insurance professional in designing such a policy.
Personal insurance protection provides the extensive
homeowners protection residents need. Many community
asscdir carry Master Policy coverage on basic structures
and common property; however, association insurance
does not cover personal possessions. Personal insurance
protection provides coverage for personal property,
unit improvements, betterments, additions and alterations,
additional living expenses, and personal liability.
Group health plans form the background of any employee
benefits package. Plan offerings vary from traditional
indemnity plans to preferred provider organizations
(PPOs) and health maintenance organizations (HMOs).
Group health plans cover medical expenses in and out
of the hospital and prescription drugs.
Pension plans are one of the most popular employee
benefits available. Plans vary from those 100 percent
paid by the association to 401(k) plans that allow employees
to defer up to 15 percent of their pay.
With today's competitive marketplace, you need
something that sets you apart from the competition.
Voluntary benefits are an excellent way to increase
your fringe benefit program while taking advantage of
such programs as Section 125-Cafeteria Plans. This is
a no-cost way for you to increase your benefits while
helping your association hire and retain good employees.