Condominium Associations coverage, our specialty, insures condominium associations against direct physical loss or damage to buildings, business personal property and permanently installed machinery and equipment. In addition to insuring the real property of the association, every condominium association must be covered for liability exposures that may arise from managing the association during its normal course of business. Vanguard Insurance Group can help with all the coverages needed for your condominium association, including:

• Property Insurance coverage – insures the buildings walls-out and common areas on the premises with optional Ordinance or Law A, B & C coverage for demolition costs, increased construction costs required or regulated by law or ordinance.

• Wind/Hail Deductible Buydown – wind/hail deductibles on the Property coverage for the buildings are usually 2-5%/per building of the total property value which may not be affordable for the condominium association. A Wind/Hail Deductible Buydown policy option decreases the required deductible to a more reasonable and affordable deductible (i.e., $10k, $25k, $50k etc.) for the association.

• General Liability coverage – insures the condominium association premises from exposure to liabilities from accidents or injuries that occur in the common areas of common interest developments, such as a slip and fall on a wet driveway, injuries sustained on playground equipment, on inside roads, etc. 

• Umbrella Liability coverage – provides your association with increased limits of liability over and above those offered by your general liability coverage (usually at $1 million per occurrence and $2 million aggregate). This coverage is designed to provide the condominium association coverage when unexpected catastrophic liability occurs.

• Directors & Officers coverage – an errors and omissions policy that provides coverage for directors and officers of the condominium association who may be sued as individuals while serving as board members. Directors and officers have no coverage under the general liability policy for personal liability, therefore the coverage must be purchased separately.

• Crime & Fidelity Insurance coverage – protects condominiums associations against financial crimes. Vanguard Insurance Group offers a comprehensive and robust crime policy which includes coverage against:

• Employee Theft – by employee defined as non-compensated Directors and officers; property manager, bookkeepers and accountants.

• Forgery or Alteration – covers checks, drafts, promissory notes or similar written promises made or drawn fraudulently.

• Theft, Disappearance and Destruction – covers theft of money and securities inside the premises or banking premises.

• Computer Fraud and Wire Transfer Fraud – covers theft of money, securities, and property resulting from computer and/or wire transfer fraud.

• Money Orders and Counterfeit Paper Currency – covers counterfeit U.S. or Canadian currency accepted in good faith that is counterfeit.

• Boiler and Machinery coverage – covers the association for losses arising out of the use of steam boilers or other machinery or equipment.

Find unique insurance that is right for your Dallas Condominium Association

If you are a property manager or a board member of a condominium association searching for condominium association insurance, Vanguard Insurance group can help you. Contact us to have one of our condominium association agency insurance consultant identify and determine the best combination of coverage, value, and price for your association. We can help make sure your condominium association is adequately insured by our A rated insurance carriers.

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