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Insurance broker outlines Sudden Valley property, liability and D&O coverage; earthquake and flood excluded
Summary
Club International Insurance reviewed the association's blanket property, inland marine, liability, directors nd gents and cyber coverage, noting limits, exclusions and deductible levels and advising prompt notice for potential claims.
Andrew Rutherford of Club International Insurance gave the board an overview of Sudden Valley—ommunity Association—overage and limits, describing what is and is not insured and answering board questions about docks, boats and special-event exposure.
Rutherford said the association's buildings are on a blanket property policy with a stated total limit of $13,034,000 on a replacement-cost basis. The property policy contains business-income and extra-expense coverage and includes an ordinance-or-law sublimit of $500,000 to cover costs to rebuild to current code.
He emphasized important exclusions and separate coverages: "All property insurance policies do exclude earthquake and flood, because that coverage can be purchased outside of that," Rutherford said. He advised the…
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