Insurance

INSURANCE 

MASTER INSURANCE POLICY 
All structures within the condominium are insured under a multi-peril policy. The following additional liability  coverage  is  in  effect:  Comprehensive,  Umbrella,  Directors  and  Officers  and  Fidelity. Coverages and policies are reviewed and updated annually. 

Our blanket, multi-peril  Policy  provides for replacement or restoration of every unit to the  same structural  completeness and  condition  that  existed when it was originally conveyed,  including appliances, bathroom fixtures and carpeting. The Declaration of Association requires that the Directors restore a unit to its original condition as soon as possible after a fire or other mishap. 

INSURANCE LOSSES 
Our Master Policy calls for a deductible per unit (please call the management company for the deductible amount) as this amount can change yearly upon insurance renewal.

This deductible  is required on any loss or damage that occurs regardless of where or what caused the damage. Claim payments due unit owners under the Master Policy will be made through the Management Company for claims over the deductible amount. Affected unit owners will be responsible for  paying  the  deductible regardless of the cause of the claim. 

Losses  less  than  the master policy deductible,  affecting  individual  units  are  not  to  be  covered  by  the  condominium's insurance  policy. As  a  result,  individual  unit  owners  bear  the  total responsibility  for  such  a  loss. In order  to  possibly  eliminate the deductible amount, unit owners should obtain three (3) additional endorsements: 

1. Loss Assessment Coverage 
2. Additions and Alterations Coverage
3. Coverage A (Dwelling) for at least $10,000 or more (subject to change annually)

The total additional cost for the above three (3) endorsements is not expensive.  All owners carry an equal responsibility to fully insure all improvements, fixtures, and alterations that have been added and to carry Public Liability Insurance for accidents within their own units. There may be  advantages  in  arranging  this  personal  coverage  through  the  same  agent  who  handles  the Association's Master Policy, but it is not mandatory to do so. A renter needs coverage for his or her own personal items in the unit. The responsibility for handling of claims will differ according to the location of the damages: 

1. Damage only to outside of building or any part of common property: Responsibility belongs only to the Association and involves the Association's Master Policy.
2. Damage involving only the inside of a residential unit: The current Master insurance coverage allows for the restoration of the original unit structure, i.e., walls, floors, ceilings, and original fixtures such as cabinets,  and  appliances , once the deductible portion of the claim has been met...

An accurate list of improvements and their values should be with your  insurance agent as the unit  owner  will  be  responsible  for  any  improvements  and  personal  belongings.  When purchasing  a  homeowner's  policy,  please  have  your  agent  refer  to  the  Condominium Documents and Master Policy to provide you with proper coverage.

1. Damage involving both the inside and the outside of a residential unit: The  responsibility here will  be  shared  by both the Association and the unit owner(s), i.e. the Association  for  damage  to  the  original  structure,  the  unit  owner(s)  for  damage  to  the "improvements", interior decoration and contents. 

The  above  information  concerning  the  Master  Insurance  Policy  and  insurance  losses is meant  to serve as a guide only. Each individual insurance loss must be evaluated individually by the insurance agent to determine the responsible parties and amount of coverage.  

We strongly suggest each unit owner take the by-laws that govern Belvidere Townhouses and have your insurance agent go thru them to make sure you have the correct coverage in place for your HO6 policy 

INSURANCE AGENT
Because coverages and policies are reviewed and updated annually by the Association, insurance agents will change from time to time.  Please contact Property Management of Andover for our current agent and contact information.