Community Associations Insurance

Premier One of Illinois specializes in residential condominium and homeowners association insurance. While insurance can be complicated for community associations, we have developed a precise quoting system that allows us to quote multiple carriers specific to the risk characteristics, providing the best package pricing possible. we understand the risks and decisions that follow finding insurance for your Association. 

What coverage options do we offer for Community Associations? 

  • Commercial Property - Helps protect common elements, including buildings, detached structures, fences, signs, tennis courts, or pools from direct physical loss by fire, wind, hail, water damage, etc. This insurance must meet the requirements in the Declarations.

  • General Liability - General liability insurance is the core component in protecting associations from liabilities that arise due to injury or property damage caused by negligence or acts of omission by the Condo Association.

  • Directors and Officers - this important coverage helps to protect the Association’s board members from legal action brought against them for alleged wrongful acts, such as negligence, omission, breach of fiduciary duty, etc. while performing their duties for the Association.

  • Fidelity Bond/Crime - sometimes also referred to it as employee dishonesty.  if the association is professionally managed, this coverage extends to the property manager who often manages large sums of money for the Association. Additional coverage options can be included for forgery and alteration, computer fraud, funds transfers, and other methods of embezzlement.

  • Workers Compensation - even if the Associations has no direct employees, independent contractors working on the association's grounds (landscapers, roofers, plumbers, etc.) can pose a potential risk. If the contractor has no coverage or can't provide exemption status and they get hurt on the job, the Association could be left footing the bill. 

  • Commercial Umbrella - Umbrella insurance is designed to help pay legal defense costs or judgments for high value law suits which exceed the underlying limits of General Liability or D&O coverage. These types of claims are often serious bodily injury or death cases. Examples might include a child who drowns in the association’s swimming pool, a serious injury due to falling down the stairs or if a Board Member injures another person in an auto accident while driving on Association business.


To download a copy of the new 2018 Illinois Condominium Property Act, please click here.

(Courtesy of Fischel Kahn)

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