Insurance & Financials

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a) Bylaws Section 10.9 (c) states: Each Unit Owner shall be responsible for obtaining at his or hers own expense, insurance covering his or her property not insured under the Condominium’s property loss policy and against his liability not covered under the Condominium’s liability policy.

b) It is recommended that Owners obtain Loss Assessments Coverage for Earthquake. That is Endorsement 440. This endorsement provides coverage for the insured’s share of special loss assessments charged by a corporation or association of property owners as a result of direct loss by earthquake to property owned by all members collectively. The limit is the most that will be paid for any one loss, regardless of the number of assessments. Without this coverage, Owners will be individually responsible for a deductible amount determined by the Association in the event of a catastrophic or other loss. Talk to your insurance carrier for further information