Fireman's Fund Insurance Company offers the Property-Gard policy to condominium associations.
The Travelers SelectPac makes the master policy refer to the condominium documents. This means the insurance adjuster is to refer to the by-laws in the event of a claim and interpret what the by-laws intend to cover at the time of loss.
Review the insurance section of your by-laws. Be sure the wording is what your condo board wants. Are the trustees required to insure unit-improvements? Is the insurance section confusing, does it refer to unit improvements subsequent to the first sale? If the by-laws are unclear on what the master policy should cover it can only cause confusion when a claims occur. You may want to consult your attorney.
Commercial Property Coverage
Various provisions in this policy restrict coverage. Read the entire policy carefully to determine rights, duties and what is and is not covered.
We will pay for direct physical loss of or damage to Covered Property at the location described in the Declarations caused by or resulting from any Covered Cause of Loss.
1. Covered Property
Covered Property, as used in this Coverage Part, means the following types of property for which a Limit of Insurance is shown in the Declarations:
a. Business Real Property-
We cover the building at the location shown in the Declarations. This includes all of the following:
(1) completed additions;
(2) permanently installed fixtures, machinery and equipment;
(3) outdoor fixtures and structures, including light standards, fences, signs and well-housings; and
(4) personal property you own which is used to maintain or service the building or its premises. This includes
(a) fire extinguishing equipment;
(b) outdoor furniture;
(c) floor covering; and
(d) appliances used for refrigerating, ventilating, cooking, dishwashing or laundering.
(a) additions under construction, alterations and repairs to the building or structure.
(b) materials, equipment, supplies and temporary structures which are within 100 feet of the de-scribed premises and are used for making additions, alterations or repairs to the building or structure.
b. Your Business Personal Property
We cover the following items of personal property which you own and use in your business while they are in or on the premises at the location described in the Declarations or in the open (or in a vehicle) within 100 feet of the described premises.