Condominium Forms That Tailor Your Policy

By Buddy Whitaker 

Published December 12, 2012

  

Condominium Forms mold policies from a general commercial policy to one that addresses the unique ownership of a condominium association.  These coverage forms are state specific and are designed to follow condominium law that is established in your state.

  

One change common in the state of Georgia is the modification of who is an insured under the liability coverage form.  All unit owners and other persons entitled to occupy any unit or other portion of the condominium are insured under the association's policy.  However, this is only applicable to liability arising out of, or in connection with, the use, ownership, maintenance or repair of the common elements or other portion of the condominium which the association has the responsibility to maintain.  Not every policy has this exact wording so double check your policy and see if there are any differences.

 

Another change instigated by the Georgia Condominium Act is the primary status of the association's policy.  A unit owner may have other insurance or more insurance when a loss occurs.  This clarification states that regardless of the unit owner's coverage and limit, the association is intended to be primary, and will not contribute with other insurance.  This avoids finger pointing from one company to the next and is intended to expedite the claims process. 

 

These are two of the major changes for condominiums in the state of Georgia.  All condominium policies have similar wording that reflects this because these are the stipulations of the governing condominium act.  Condominiums are unique in their ownership and in turn demand unique coverage definitions.  Make sure you and your unit owners understand them.

 

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Buddy Whitaker truly enjoys being an insurance professional. His condominium association client's appreciate his attention to detail. The fact that he has practically

committed the Georgia Condominium Act to memory helps. 

In his words, "My objective is to be the resource and trusted advisor that my clients want to turn to for guidance. I strive to either know the answer or know where to find it."

Creative Solutions: As a student of condo association (COA) insurance, Buddy has forged specialized programs that address the unique exposures of multi-family residential structures.

His solutions juggle the need to keep overall costs down, both for the unit owner and the association, while making sure that coverage remains as broad as possible.

COA Focused: He's leveraged his 6 years in the insurance industry; as the director of continuing education for Metro Alliance of Independent Insurance Agents, board position on his own condo association, and study of the Georgia Condo Act and condo declarations.  This transitioned into understanding of the COA sector, the nature of the claims,  methods of managing the risk, and the complex relationships among board members, unit owners, and property managers.

Insurance isn't just a job for Buddy, it is a passion.  That said, he also enjoys a round of golf, experimenting in the kitchen, and DIY projects around his home. He's also a loving husband and a proud father of a brand new baby girl.

Contact Buddy via email or visit Hamby & Aloisio's website.