What is the meaning of loss assessment?
Loss Assessment — a property owner's share of a loss to property owned in common by all members of a property owners association.
What is loss assessment coverage Florida?
Common loss assessment coverage is an insurance policy that provides protection for condo owners against liability related to a common area loss. This could include damage to the outer part of the building itself, damage to a common area, or a personal injury claim being brought against the condo association.
What is loss evaluation?
Loss Valuation . On a "Replacement Cost" basis with a policy modification to cover all cost to repair or replace the structure or work (including overhead and profits) and based on replacement cost calculations at the time of repair or replacement.
What is loss assessment coverage Florida?
Common loss assessment coverage is an insurance policy that provides protection for condo owners against liability related to a common area loss. This could include damage to the outer part of the building itself, damage to a common area, or a personal injury claim being brought against the condo association.
What is unit additional protection?
Provides additional protection and coverage for damage to your unit if the condo corporation's policy covering the building structure has. lapsed or is inadequate.
How do you explain loss assessment coverage?
Loss assessment coverage is an optional endorsement that you can add onto your homeowners insurance or condo insurance policy. It helps protect you if you live in a shared community, like a condo or homeowners association (HOA), where you're responsible for a portion of damage or loss in a common area.
What is loss assessment coverage example?
Loss assessment coverage may help cover this type of fee in the event of a covered loss. Example: A fire damages the hallway and elevator in your building, causing $330,000 worth of damage. Your condo association has $300,000 in coverage for the building's structure.
What is loss assessment liability?
Loss assessment coverage is an optional endorsement that you can add onto your homeowners insurance or condo insurance policy. It helps protect you if you live in a shared community, like a condo or homeowners association (HOA), where you're responsible for a portion of damage or loss in a common area.