I am reviewing a policy for a new Condo Association client . Though we write a few of these we have always done so as a package. This client currently has the association written on a BOP. My question is, what are the pros and cons of writing a condo association on a BOP? Are there specific coverages that make it more appropriate or is the package policy the proper way to go?
Thanks
Condo Association: BOP vs. Package?
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NYagent301
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Re: Condo Association: BOP vs. Package?
One item I can think of is BOPs normally require 100% insurance to value, and CPP normally is 80% coinsurance, besides maybe getting agreed value. BOP will have more bells and whistles though. I would write it on a BOP unless property values preclude from doing so. Most of our BOP markets are eligible up to $15,000,000.
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Mainemiss
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Re: Condo Association: BOP vs. Package?
Many companies have condo association BOPs with specially tailored coverage like D&O for the condo Board which may not be readily available for a package.