Typically, as a condo owner, you’ll receive some level of insurance under the condominium’s Master Insurance Policy, however, the level or degree of insurance can vary drastically from one building/complex to another.
Master Insurance Policies cover the common areas such as the structure, lobby, elevators, and even swimming pools, but do not provide coverage for any building additions or alterations (upgrades or changes from the original build) made to an individual unit or the personal belongings inside of it.
A unit owner can be held liable for damage to the building or to other units caused from plumbing issues, water, fire, and many other acts, which highlights the need for adequate liability coverage under the Condo Insurance policy. Also, when there is a major claim and the Master Policy limits are exhausted, any additional coverage needed for indemnification will be passed along to the unit owner. This coverage is otherwise known as “Loss Assessment” and is included on an HO-6 or Unit Owners policy and variable limits are available. [Read more…]
Most business owners focus on the need to purchase insurance for property claims, slips, trips, and falls, employees injured on the job, automobile accidents, and product liability, but many business owners do not recognize their exposure to cyber and privacy liability breaches. In today’s world of technological advancement, running a business is highly dependent upon the modern conveniences of utilizing computers, internet, social media, smart phones, networks, handheld devices, payment processing machines, email, etc., which has in turn GREATLY increased exposure to cyber/hacker attacks. According to a 2010 survey by Symantec Corp, 73 percent of all small and midsize companies worldwide have experienced a cyber-attack. This is a STAGGERING number of companies affected!!! In fact, 2011 saw some of the biggest data breaches ever reported.