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Condominium Association Insurance FAQS

South Carolina Condominium Association Insurance Liability Coverage

Protects your South Carolina condominium association against claims for personal injury or property damage arising from the common areas, including the limited common areas. Each property should be inspected by an insurance professional to determine adequate amounts of coverage. Condominiums that also have ponds and/or playground areas may require increased insurance coverage. Liability judgments in excess of the Association's liability limit can be recovered through a Loss Assessment on the individual owners, who can generally claim reimbursement under the Loss Assessment provisions of their individual Owner's policies.

South Carolina Condominium Association Insurance Property Coverage

Provides coverage for the physical value (not market value) of all condominium association buildings, miscellaneous structures and contents.

South Carolina Condominium Association Insurance Directors & Officers Coverage

Provides insurance coverage for negligent acts, errors or omissions by the association's present or former board members or officers. Common examples of claims include alleged mismanagement of association affairs, failure to maintain books and records, failure to enforce rules, regulations and restrictions, and breach of contract. These policies are generally written on a "claims made" basis, and cover only wrongful acts reported during the policy period, regardless of when the acts are alleged to have occurred. Directors and Officers insurance coverage can be an endorsement to the condominium association's master policy, in which case it has the same limits as the policy's general liability coverage, or it can be a completely separate policy with a larger or smaller coverage limit.

South Carolina Condominium Association Insurance Casualty Coverage

Covers losses caused by accident, misfortune or mishap, including loss which comes by chance or without design, such as that caused by fire, lightning, windstorm, rain or ice. Flood coverage is underwritten by the Federal Emergency Management Agency through private companies and covers damage due to rising surface waters.

South Carolina Condominium Association Insurance Umbrella Coverage

Umbrella coverage provides additional liability insurance coverage above all underlying liability coverage.