TIP OF THE MONTH - ORDINANCE AND LAW COVERAGE

TIP OF THE MONTH 

ORDINANCE AND LAW COVERAGE

As we start this New Year it is imperative that every association check the master insurance policy to ensure adequate coverage is in place.  Full replacement cost coverage sounds great but doesn’t mean your association is fully insured – especially older buildings -- which may require code upgrades following a casualty.  All coverages – including the often neglected Ordinance or Law coverage which is needed for code upgrades to be funded – must be adequate.  When in doubt, call your attorney and insurance agent and make sure your insurance is adequate so your Association will have a Happy New Year -  even if disaster does strike.

Source: MEEB (Marcus, Errico, Emmer & Brooks)