Establishing or becoming a member of a condo association is an important undertaking. Condo associations have a unique role and responsibility to their community. By nature, condominiums are half private and half public property, which can often raise questions and concerns over who is responsible for what elements of property upkeep. This is where condo associations come in. A condo association is a community generated and facilitated legal entity which helps to govern the property and residents for the benefit of the community. The primary function of the association is to manage and maintain shared property and spaces, as well as establish standards for property owners to better unify the community and help maintain property values.
San Francisco condo associations face a broad array of property and liability insurance concerns unique to the breadth and the size of their community. While condo owners are responsible for the maintaining and protecting their personal property, the condo association absorbs liability and responsibility for communal spaces and structures such as condo buildings, infrastructure, parking facilities and shared community amenities. This means that the association, funded by property owner membership contributions, not only absorbs the financial burden of repairs and regular upkeep but also becomes liable for any injury or losses which occur on common ground as a result of negligence or improper management.
Associations also face exposure to legal and regulatory challenges, which can be a huge liability concern. Navigating local laws and ordinances can be challenging, and establishing and enforcing a community codes can sometimes exposed an association to criticism, critique, resistance and even legal action. These disputes can emerge over a broad range of topics, from a homeowner combatting a citation or fee to the community alleging mismanagement or misconduct by the leaders of the association. As an entity, the association can be named in a legal dispute and in some cases, so can individual association board members.
Maintaining the delicate balance of protecting your community as well as the volunteer board members and officers can be quite a feat, but taking the proper precautions can help ensure that your community association is well prepared and protected should any unforeseen circumstances arise. At Cal-Nevada Insurance Agency, we have developed a complete condo association insurance program to help community boards keep themselves and their neighborhoods thriving. Our specialist can help determine the full scope of your association’s risk exposures and help craft the best solutions to meet those needs. Our SF condo association insurance policies are fully adaptable to incorporate all the specialty liability and extended property coverage your operation may need. Give us a call today at (866) 670-5948 to learn more about all our SF condo association insurance solutions.