Your apartment association board took bids, shopped around, and worked with a broker to come up with the most suitable association insurance package imaginable. And that’s great. But for how long is that going to hold true?
Even the most comprehensive apartment or condo association insurance package can become less so, as the association’s needs change. Today your association may have a set agreement in place, but amendments, additions, and changes to that agreement, as well as changes in the state of the property or to the grounds themselves could leave your apartment or condo association uncovered as a result of these changes.
That’s why I recommend all apartment and condo associations have a broker conduct an insurance audit. Audits, which cost customers nothing more than time, allow brokers and customers to see a more complete picture of how the business and the association’s needs may have changed. By examining thoroughly the business operations, the board make-up, and the association’s practices and recent changes, brokers can compare current business with the apartment association insurance policy. Continue reading ‘Insurance Audits Take a Second Look’ »