Frequently Asked Questions
D&O (Directors and Officers) Directors and officers, is the policy that covers the board of directors and the administration in the event that they cause harm to a third party as a result of acts carried out without intent, as well as errors or omissions when performing their duties.
When a supplier or external worker of the condominium causes harm to a third party when performing the tasks for which he was hired (For example, if the person hired to maintain the palm trees, were to damage a vehicle while carrying out his work)
Damages that may be caused between condominium owners (For example, a water leak that damages the neighboring unit)
Damages to third parties when caused by the building's own activity. (For example; When someone slips inside a common area and is injured, it can be considered Civil Liability)
Hurricane, hail, frost, flood, sea surge, storm surge, stormy winds, among others.
Each of the coverages works differently and we can have the same element covered in several of them; In the event of a fire, the coverage that applies is “Contents” to cover or compensate the damages, however in the event of an operator's lack of expertise we can use the “Machinery Breakdown” coverage; in the same way, if the damage is an electronic component, we can use the coverage of "Electronic Equipment"
Our recommendation is to have the inventory of the building's equipment and machinery, as well as the property appraisal to know the insurable value of its structure and its contents.
HOA (Homeowners Association) is the master policy of the building and common areas, it covers direct damage caused by any sudden, accidental or unforeseen event that is not expressly excluded in the policy.
Commercial lines Manager
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800 627 46 37