Community Association Insurance

A community association is essential to a neighborhood. It serves specific purposes for communities, such as a neighborhood, condos, or group of homeowners in a geographical area. Examples of community associations include civic associations, homeowner’s associations, condominium associations, and neighborhood community associations. With a structure with elected leaders, the community association is often funded by members and works to serve the best interests of its members, such as protecting homeowners’ rights or coordinating common services like snow plowing, landscaping etc.

Community Association Insurance
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During the process of conducting meetings, executing on it’s mandate, holding event etc., the community association might run into operational risks. A comprehensive insurance package protects the community association against risks involving third-party bodily injury or property damage. It also protects the community association’s financial and physical assets against from unexpected events.

Mitigate the financial risks of operating a community association with the right ALIGNED insurance plan, custom built by our Advocates.

Why is Community Association Insurance Important?

There are risks of running a community association that could leave you and/or the organization with costly repercussions. Even with best policies, precautions and procedures, unexpected events could leave you scrambling to pay legal defence fees, medical bills, and settlements or judgements. For example, home owners/members could hold the community association liable for expensive repair costs if there is property damage while landscaping, mowing the lawn, or shoveling the snow off a property serviced by the association. 

Community association insurance can cover:

  • Single-family homes
  • Cooperatives
  • Condos
  • Townhouses
  • Neighbourhood groups
  • Association common areas

What Does Community Association Insurance Include?

Commercial General Liability Insurance – Also called CGL insurance, commercial general liability insurance provides coverage for injuries, bodily harm, and property damages occurring to a third party during your community association operations. For example, insurance covers you for legal costs, payouts, and medical expenses if someone is injured on the association’s premises or at a community association event.

Directors & Officers Insurance – Directors & officers insurance covers the association’s directors and officers for claims made against them based on their operations, such as managerial decisions. Possible stakeholders at risk of these decisions include donor, members, special interest groups, and the public. It covers legal defence fees, settlements to avoid a lawsuit, investigation costs, awards made by the court, financial losses sustained by shareholders, and misrepresentations.

Commercial Property Insurance – Commercial property insurance protects your association against losses from fires, lightning, floods, windstorms, etc. It covers property like your building and property funded by the association, its contents, equipment, and inventory.

Umbrella Liability Insurance – Provides extra coverage that exceeds your policy’s underlying coverage limits.

Equipment Breakdown Insurance – When your equipment breaks down because of mechanical or electrical failures, property damage, repair or replacement costs, and any extra expenses incurred are covered. Equipment covered includes snowblowers and landscaping equipment.

Find the Right Community Association Insurance with ALIGNED

ALIGNED works with more than 70 of Canada’s top insurance companies to provide custom insurance packages at affordable prices. Click Here To Get A Quote or contact one of our business insurance experts for information or with any questions you may have. 

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