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    « Does an Insurer Need the Client's Consent Before Inspecting Property? | Main | Read the Policy You’re Selling »

    May 16, 2016

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    Tim Dodge

    I received this email from Jerry Trupin, CPCU, CLU, ChFC in Sleepy Hollow, New York:

    ---

    ISO CP 00 17 includes the following in the definition of covered building property:

    6) Any of the following types of property contained within a unit, regardless of ownership, if your Condominium Association Agreement requires you to insure it:

    (a) Fixtures, improvements and alterations that are a part of the building or structure; and

    (b) Appliances, such as those used for refrigerating, ventilating, cooking, dishwashing, laundering, security or housekeeping.

    But Building does not include personal property owned by, used by or in the care, custody or control of a unit-owner except for personal property listed in Paragraph A.1.a.(6) above.

    The key term is “if your condominium Association Agreement requires you to insure it:” If so, I think the property described in A.1.a.(6) would be covered whether owned by the developer or anyone else. Sometimes called “original specifications” coverage, it's my preferred choice for condo insurance. Even if the agreement doesn't call for original specifications coverage, some insurers will endorse the policy to provide equivalent coverage.

    -------

    Very true. Some of the coverage in both personal and commercial condominium forms hinges on what the condo association by-laws say. Thanks to Jerry for raising this point!

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