You are no expert. You might know a lot, that is why you got the job to review your associations insurance.
Let’s hope that your agent is and expert and is looking out for your best interest, and not the biggest commission.
Ask these Ten questions:
- Is our policy all in all the time? What are the restrictions, and does it dovetail with my bylaws and master deed?
- Do I have enough liability insurance? Do I at least have $2,000,000 per occurrence?
- Do I have a retro date on my Directors & Officers coverage? Do I have the coverage at all?
- Does our policy cover our expenses in handling a claim such as our time, the property managers time and charges by the adjusters we hire on our behalf.
- Have we had an increase in premium lately?
- Can we lock in our rate for more than a year
- What type of replacement cost coverage do we have?
- Are we insured to value?
- Are our finances covered? loss rents and maintenance fees?
- How many different deductibles do we have?
Are you working with me? How am I getting communication? newsletters, alerts, loss control; and a partner when we have a claim.
There are many more questions to ask your agent or company that you buy insurance from. Try these on for size to start. If you don’t get the right answers, start walking.