Greater New York Mutual offers a Package Policy to condominium associations. The Greater New York Mutual Package Policy 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. 

The Greater New York Mutual Package Policy will include standardized policy form CP0017 (edition 06/95) which defines Building Coverage as follows: 

Various provisions in this policy restrict coverage. Read the entire policy carefully to determine rights, duties and what is and is not covered. Throughout this policy the words "you" and "your" refer to the Named Insured shown in the Declarations. The words "we," "us" and "our" refer to the Company providing this insurance. Other words and phrases that appear in quotation marks have special meaning.

We will pay for direct physical loss of or damage to Covered Property at the premises described in the Declarations caused by or resulting from any Covered Cause of Loss.

Covered Property, as used in this Coverage Part, means the type of property described in this section, A.1., and limited in A.2., Property Not Covered, if a Limit of Insurance is shown in the Declarations caused by or resulting for which a Limit of Insurance is shown in the Declarations for that type of property.

a. Building, meaning the building or structure described in the Declarations, including:

(2) Fixtures, outside of individual units, including outdoor fixtures;

(4) Personal property owned by you that is used to maintain or service the building or structure or its premises, including:

(d) Appliances used for refrigerating, ventilating, cooking, dishwashing or laundering that are not contained within individual units;

(a) Additions under construction, alterations and repairs to the building or structure;

(b) Materials, equipment, supplies, and temporary structures, on or within 100 feet of the described premises, used for making additions, alterations or repairs to the building or structure; and

(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:

(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.

b. Your Business Personal Property located in or on the building described in the Declarations or in the open (or in a vehicle) within 100 feet of the described premises, consisting of the following:

(1) Personal property owned by you or owned indivisibly by all unit-owners;

(2) Your interest in the labor, materials or services furnished or arranged by you on personal property of others;

(3) Leased personal property for which you have a contractual responsibility to insure, unless otherwise provided for under Personal Property of Others.

But Your Business Personal Property does not include personal property owned only by a unit-owner.