Insurance Coverage Q&A: Nonrenewal of Association Policy and Loss Assessment
When an association policy is nonrenewed and the new policy is substantially more so that unit owners are assessed for the increase in premium, can they file a claim under their loss assessment coverage for the increase?
May 22, 2023 at 06:30 AM
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A condo development suffered a severe fire damaging 8 or 9 Units. Five were a total loss with the remaining suffering smoke and water damage. The building claim covered under the Association’s policy is in excess of 4 million.
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When an association policy is nonrenewed and the new policy is substantially more so that unit owners are assessed for the increase in premium, can they file a claim under their loss assessment coverage for the increase?
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