Condominium Association Insurance Certificate
Frequently Asked Questions
What should I do if I am unable to find my association?
Enter the first three characters of the Association name.
What if I do not know the full name of the Condominium Association?
You will not be able to prepare a Certificate without entering initial letters of the Association name.
Is the name of the Association the same as the management company?
No, the management company may handle many Associations. You need the name of your Association.
Where can I find out the full name of the Association?
This information should be available from the unit owner/purchaser or the management company.
Do I need to enter the name of the seller?
No, you only need to enter the name of the purchaser.
Is there coverage on the building?
The Certificate will indicate the coverage provided. Buildings are usually covered. If the Certificate indicates "No Building Coverage" or is blank under the Property Coverage Section then there is no building coverage. The coverage may be for Common Area Liability only.
What is the amount of insurance?
The certificate is a snapshot of the coverage. The limits are those provided for the entire association. The actual coverage is as provided in the insurance policy.
Who is the Certificate Holder?
If there is a mortgage lender, the lender is the Certificate Holder. If it is a cash transaction, the purchaser is the Certificate Holder.
What is the mortgage clause?
This is the name and address of the mortgage lender and this should be input where Certificate Holder is shown.
Do I need a loan number to prepare the Certificate?
No, the loan number can be used on the Certificate for identification, but it is not necessary.
What information do I need if this is a cash transaction?
The name of the Condominium Association. The complete name, street
number, street name, city, state and zip code of the unit purchaser.
Can I find out the name of the Condominium Association by the address of the unit?
No, you may only find it by the Association name and not by location.
Is there Fidelity and Employee Dishonesty Coverage?
Fidelity and Employee Dishonesty coverage are the same. The amount of insurance varies by Association.