Frequently Asked Questions
What is a Condominium Certificate of Insurance and how can you request one?
A certificate of insurance is a document that provides a snapshot of the coverage limits, policy effective and expiration dates, and insurance carriers that insure the condominium association. If you are a condominium unit owner, or you are preparing to purchase a condominium, you may be asked to provide this document initially and annually.The process is quite simple. Just click on request a condominium certificate and complete the brief form. By doing so, we will have all the necessary information to accurately send the certificate to the party that needs it. You will receive electronic confirmation of your request and also a follow-up message when we complete it!Did you receive a letter from your bank or financial company requesting a certificate? If you prefer, you may fax it to us at 860-232-6637.Visit our CondoLogic website to let us help you make informed insurance decisions and save money in the process. CondoLogic’s insurance experts will make sense of confusing coverage details. We’ll help unit owners understand how each policy works to keep you protected. We even offer no-obligation policy reviews and quotes to help ensure that there are no coverage gaps or overlaps.
What do they mean to your Association?
Certificates of insurance, which should be collected from each and every vendor that comes on to an association’s property, is a representation of who the named insured is, the effective dates, types and limits of coverage, as well as the names of the insurance companies that have issued the policies.Additionally, a certificate of insurance will spell out the description of operations, locations, vehicles, and exclusions added by endorsement, as well as any special provisions.It is important to note that a certificate of insurance is issued as a matter of information only and confers no rights upon the certificate holder UNLESS the certificate holder specifically requests additional named insured status, in which case the certificate holder would be afforded those same rights. Ideally, it is in the association’s best interest to obtain additional named insured status whenever possible to afford you those same protections.Keep in mind that information contained on a certificate of insurance is a “snapshot in time” which may or may not be in force at the time of a loss.
Why is it important that Associations collect and maintain certificates of insurance?
It is important that certificates are collected from each vendor to protect the interest of the Association in the event of a claim. This way, the association knows what coverage is in place and who to contact should anything ever develop.
Additionally, for Associations that carry workers’ compensation insurance, it is vital that they maintain records of these certificates to avoid being a surcharged at audit for exposures that were not covered by the vendors.
At Bouvier Insurance we are dedicated to educating our associations and unit owners to the nature of coverage provided by both the master and individual unit owner policies. Our “HO-6 Program” is comprised of a team of agents that can provide a customized review of your master policy and counsel you on the various coverages that should be purchased by a unit owner via an HO-6 policy.
We would be happy to perform a complimentary review of your association’s current insurance program. Let our team of knowledgeable professionals help you understand what options you have and guide you to the best condominium master insurance coverage that suits your association.