Glossary of Terms

The definitions in this glossary are not like you will find in most dictionaries, or wikipedia, they are definitions in a simple defined way. Trying not to sound to confusing.

 

All-In – All-in refers to how your insurance policy will pay you after a property loss. If your policy is all-in and your documents refer to all-in, the inside of the unit is covered by the condominium association with limitations. In it’s simplest terms, imagine when you saw the unit vacant, most if not all of the inside of the unit is covered ( see your policy) The things in the uhaul out front need to be covered by your homeowner policy or landlord policy.

Bare Walls- Bare walls refers to how your insurance policy will pay you for a property loss. Just like it sounds, the policy will pay for the building but not the walls,floors and ceilings as well as all the other attachment and improvements to your unit. The coverage will treat your unit more like the definition of your unit in your by-laws

Homeowners condominium- In the insurance business, they refer to it as the HO-6 policy, as opposed to the HO-3 for a single family owner occupied dwelling. The parts are the same, but the emphasis is more on the personal property and not the building section.

Directors & Officers Liability- The coverage for the association for wrongful acts and omissions of the board of trustees.

Workers Compensation- workers comp covers the employees of the association for lost wages and medical expenses due to their injuries on the job for the condominium association.

Loss assessment-provides coverage to the unit owner for assessments levied due to a covered loss that was covered by your policy but not the master policy, or if the loss exceeded the limit on the master policy.

Blanket insurance- provides coverage for multiple buildings for one single limit.

 

Agreed Amount- Waives coinsurance penalty

Flood insurance- Flood insurance covers direct physical loss caused by ” flood” A flood is an excess of water on land that is normally dry. or flood is a general and temporary condition of partial or complete inundation of 2 or more acres of normally dry land or of two or more properties from: overflow,runoff mudflow.

 

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