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Does our condo association have to carry liability insurance?

Posted on Tue, Oct 20, 2009 @ 05:58 AM
  
  
  
  
  
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We have a three-unit condo association with no condo fees. In the past, we've collected money for communal expenses on an ad hoc basis. In the past, we've all agreed to carry condo association insurance for liabilities.

This year, one owner is declining to participate in purchasing insurance. What is out best option? Carry no liability insurance? Split the insurance premium between the two other units? Other solutions?

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Comments

interesting set-up. not sure what state you're in, but check your condo docs and see what insurance may be required.
Posted @ Tuesday, October 20, 2009 12:51 PM by k.b.
I think this is the point of having condo fees. Condo fees pay the condo association insurance among other common costs. Insuring your building shouldn't be an optional program. I'm sure in some states master property insurance is mandatory. You better check on this for your state.
Posted @ Tuesday, October 20, 2009 3:57 PM by stephen
I am looking for a 1 million liability insurance policy for a 2 unit condo association located in Corona Del Mar for my client.
Posted @ Wednesday, January 26, 2011 6:49 PM by Robert McLellan
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