Commercial Insurance Renewal Checklist

Insurance is one of those topics that most board members don’t want to think about, but is essential to a well-run HOA. As your renewal date approaches, following are some items to keep in mind:

• You should receive a copy of your insurance renewal at least one month before its due date. Thoroughly read it and ensure that you understand your coverages, policy limits, and deductibles. You may also want to compare it to the previous year’s policy so you can check if anything has changed. Two areas to note in particular are mold coverage and cyber-liability coverage.
  • Many insurance policies are reducing or eliminating mold coverage from their policies due to the high expense for mold remediation.
  • Similarly, as cyber-crime becomes more prevalent, some policies are excluding liability for cyber-theft from their policies. Since HOAs contain sensitive information about their members and applicants, a cyber-theft of their data could cause significant problems.

• Has your HOA / condo association made any major changes over the past year that could impact your coverage? If so, these should be reported to your insurance company to ensure that your policy meets your needs. Major changes could include:
  • Purchase of more land and/or buildings
  • Remodeling or upgrading the buildings
  • Enhancing the security features of the association, such as adding a gate house, doorman, etc.
  • Change of use of the facilities – e.g. allowing local swim teams or organizations to use the pool or rent space or renting commercial space to local businesses

• Have you added new employees or had a reduction in number of employees? If so, you may need to update your workers compensation insurance to accurately reflect your current workforce.

• Does your HOA own vehicles that employees drive? If so, make sure that the current employees are listed on the policy and the former employees are removed. This is also a good time to check the driving records of your employees to make sure that none of them have had a significant event happen in the past year that would impact your liability for allowing them to drive, such as a DUI or other accident for which they were at-fault.

Insurance renewals are no fun, but if a disaster strikes, you will be glad that you have the right policy to fit your needs. CCM has extensive experience in working with commercial insurance. Our skilled property managers can recommend insurance agents and companies to fit the needs of your HOA. We can also assist board members in reviewing coverages to ensure that you are properly protected. Contact us today to learn more about how we can help your HOA or condo association review its insurance coverages.

Consolidated Community Management (CCM) is a full-service property management company specializing in condominium and homeowner association management in Broward and southern Palm Beach Counties.  We are committed to working together with community Boards of Directors to develop management plans tailored to the unique requirements of each community and their residents.

CCM provides a quality of service that is unique to our industry and consistently delivers a distinct competitive advantage.  Our concentrated, extensive local presence and knowledge of community associations results in lasting partnerships and superior service.  We have built our industry reputation on employing the best in the business and assigning only a limited number of properties to each Property Manager Team.

Our team at Consolidated Community Management provides expert property management services at competitive prices.  Contact us today by calling (954) 718-9903 or clicking on ccmfla.com.