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| Certificates of Insurance For Condominium Associations |
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What should I do if I am unable to find my association?
Enter only the first several characters of the first word 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 the first several characters of the first word 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 the specific 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 if coverage is provided on the building.
For example - Building Guaranteed R.C. in this case the building is
covered.
If the Certificate indicates "No Coverage on Habitational Buildings"
there is no building coverage. The coverage is liability only on the
common areas.
What is the amount of insurance?
Except in a few isolated cases where there is a building amount shown,
there is no specific amount of insurance. The coverage is Guaranteed
Replacement Cost (shown as Guar.R.C. on the Certificate). The insurance
company will replace the building with material of like kind and quality
for whatever it costs to do so at the time of the loss.
Who is the Certificate Holder?
If there is a mortgage lender, the Certificate Holder is the lender. 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
shown as the Certificate Holder.
Do I need a loan number to prepare the Certificate?
No, the loan number can be printed 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 - These are not
two separate coverages. The amount of insurance varies by Association.