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Information
Condos & How to Insure Them
Length: 1 Hour
Because the unit owner's coverage must dovetail seamlessly with the association's coverage, the same information is required for both parties regardless which person or entity is the agent's client. Every agent writing either a unit owner OR a condominium association must have:
- A copy of the association's declarations and covenants, conditions and restrictions (CCRs);
- A copy of the applicable state statute;
- An official letter documenting the unit's boundaries and detailing who is responsible for insuring which property; and
- A verifiable or signed property valuation.
Having this information allows the agent to answer the three KEY questions when analyzing and placing coverage for either a unit owner OR a condominium association:
- Who "owns" what property?
- What value applies to the owned property? (And what should be used?)
- Who is liable for bodily injury and/or property damage?
Not knowing, or just guessing, the answers to these three questions can leave gaping holes in coverage. The unit owner, the association, or both may be vastly underinsured.
Basic Course Information
Learning Objectives- Learn three levels of associational responsibility (and, thus, the unit owner's responsibility);
- Understand the four real property" definitions unique to condominiums;
- Learn how to properly extend real property coverage for the unit owner;
- Learn how an NFIP policy muddies the water (so to speak); and
- Discuss various valuation methods potentially applicable to associations.
Christopher J. Boggs, CPCU, ARM, ALCM, LPCS, AAI, APA, CWCA, CRIS, AINS
Christopher J. Boggs, CPCU, ARM, ALCM, LPCS, AAI, APA, CWCA, CRIS, AINS, joined the insurance industry in 1990. He is the Executive Director of the Independent Insurance Agents and Brokers of America (Big "I") Virtual University. His current duties involve researching, writing, and teaching property and casualty insurance coverages and concepts to Big "I" members and others in the insurance industry.
During his career, Boggs has authored more than 300 insurance and risk management-related articles on a wide range of topics as diverse as Credit Default Swaps, the MCS-90, and enterprise risk management. In addition to this, Boggs has written 13 insurance and risk management books:
- "The Insurance Professional's Practical Guide to Workers' Compensation: From History through Audit," now in its second edition;
- "Business Income Insurance Demystified: The Simplified Guide to Time Element Coverages," now in its third edition;
- "Property and Casualty Insurance Concepts Simplified: The Ultimate 'How to' Insurance Guide for Agents, Brokers, Underwriters and Adjusters;"
- "Wow! I Never Knew That! 12 of the Most Misunderstood and Misused P&C Coverages, Concepts and Exclusions;"
- "Insurance, Risk & Risk Management! The Insurance Professional's Guide to Risk Management and Insurance;"
- "Workers' Compensation: How You Can Effectively Answer Your Clients 12 Most Commonly Asked Questions;"
- "Glossary of Insurance Terms;"
- "Choosing the Best Risk Financing Option;"
- "Writing Property and Liability Coverage for Condos;"
- "The Truth about Enterprise Risk Management;"
- "The Experience Mod Worksheet;"
- "What has ISO Done to us Now?" and
- "Cancellations, Non-Renewals & Conditional Renewals: THE Insurance Professional's Guide to Statutory Insurance Carrier Notification Requirements for All 50 States!"
Boggs is a regular speaker at industry events, speaking for groups such as the National Association of Mutual Insurance Companies (NAMIC), the National Society of Insurance Premium Auditors (NSIPA), the American Association of Managing General Agents (AAMGA), the Institute of Work Comp Professionals (IWCP), and the CPCU Society.
A graduate of Liberty University with a bachelor's degree in Journalism, Boggs' background includes work as a risk management consultant, loss control representative, producer, claims manager, and quality assurance specialist
