Nuts & Bolts: The Chubb Group of Insurance Companies rolled out insurance packages for the owners of luxury condo and co-op apartments in Illinois and New York. The policies address coverage gaps created by building associations reducing their commercial insurance limits and increasing their deductibles during the last few years.
Masterpiece Condominium Preference and Masterpiece Cooperative Preference provide high limits of property and liability insurance coverage. They include $100,000 in coverage for assessments to all unit owners for incidents that may not be adequately addressed by a building association or its master insurance policy. Separate $10,000 limits apply for assessments resulting from deductibles under the association’s policy.
Dollars:
Deductibles range from $500 to $50,000. The minimum limit is $300,000 for alterations and additions, $400,000 for contents.
Carrier:
Several Chubb Group of Companies members including Federal and Vigilant, all rated “A++” by A.M. Best; admitted in New York.
States Available:
Illinois and New York.
Contact:
www.chubb.com/personal.
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