Insurance
The Association's insurance policy provides for public liability and for loss and damages the buildings, ground and recreation facilities. Any damage done by fire or accident must be promptly reported to Mellin & Associates.
Unit Owners should have additional coverage for repairs to the interior of Units and for personal property. Such coverage should be purchased through the Unit Owner's own insurance agent and may be a requirement of the Unit Owner's mortgage.
Mortgages companies may require proof of the Association's insurance coverage. Unit Owners should contact the Insurance Agency to obtain a Certificate of Insurance.
The Association's Insurance Agency is:
Johnson-Stevens-Curran
30 Main Street
Suite 302
Danbury, CT 06810
(203) 743-2844
Unit Owners should have additional coverage for repairs to the interior of Units and for personal property. Such coverage should be purchased through the Unit Owner's own insurance agent and may be a requirement of the Unit Owner's mortgage.
Mortgages companies may require proof of the Association's insurance coverage. Unit Owners should contact the Insurance Agency to obtain a Certificate of Insurance.
The Association's Insurance Agency is:
Johnson-Stevens-Curran
30 Main Street
Suite 302
Danbury, CT 06810
(203) 743-2844
Insurance Deductible 2014
Important Insurance Notice
January 7, 2014
This is to notify you that effective January 31, 2014, the Association’s deductible with Philadelphia Insurance will increase from $2,500 to $10,000. Increasing the deductible should have little or no impact on your homeowner’s (HO6) insurance policy. However, you will need to contact your insurance agent to ensure that your policy covers the Association’s deductible.
There are two main reasons for this increase.
1. Costs: The higher deductible will decrease the cost of the SHV premium. Every year the premium has increased from 12%-20%. Increasing the deductible will help control our costs, yet should not increase your HO6 premium costs.
2. Liability Exposure: Your HO6 policy will cover the cost of remediation up to the Association’s $10,000 deductible. Having a higher deductible will limit the Association’s liability exposure. If you recall, there was only one insurance company that would insure us. If we continue to have claims, we could lose our coverage again and may only qualify for a “high risk pool,” where costs for a yearly premium could exceed $150,000. Therefore, it is prudent to increase the deductible.
Homeowners are responsible for the Association’s deductible. So please contact your insurance agent and have your homeowner’s policy adjusted to be certain that you have adequate coverage.
If you have any questions, please contact the Managing Agent.
Sincerely,
The Board of Directors
January 7, 2014
This is to notify you that effective January 31, 2014, the Association’s deductible with Philadelphia Insurance will increase from $2,500 to $10,000. Increasing the deductible should have little or no impact on your homeowner’s (HO6) insurance policy. However, you will need to contact your insurance agent to ensure that your policy covers the Association’s deductible.
There are two main reasons for this increase.
1. Costs: The higher deductible will decrease the cost of the SHV premium. Every year the premium has increased from 12%-20%. Increasing the deductible will help control our costs, yet should not increase your HO6 premium costs.
2. Liability Exposure: Your HO6 policy will cover the cost of remediation up to the Association’s $10,000 deductible. Having a higher deductible will limit the Association’s liability exposure. If you recall, there was only one insurance company that would insure us. If we continue to have claims, we could lose our coverage again and may only qualify for a “high risk pool,” where costs for a yearly premium could exceed $150,000. Therefore, it is prudent to increase the deductible.
Homeowners are responsible for the Association’s deductible. So please contact your insurance agent and have your homeowner’s policy adjusted to be certain that you have adequate coverage.
If you have any questions, please contact the Managing Agent.
Sincerely,
The Board of Directors
Insurance Deductible 2013
Important Insurance Notice
September 27, 2013
This is to notify you that the Association’s deductible with Harleysville Insurance has increased from $5,000 to $10,000. Increasing the deductible should have little or no impact on your homeowner’s (HO6) insurance policy. However, you will need to contact your agent to ensure your policy covers the Association’s deductible.
There are two main reasons for this increase.
1. Costs: The higher deductible will decrease the cost of our premium, which doubled from 2012 to 2013. We anticipate it will increase again when the policy renews next year. By increasing the deductible, it will help control our costs, yet should not increase your HO6 premium costs.
2. Liability Exposure: Your HO6 policy will cover the cost of remediation up to the Assocation’s $10,000 deductible. This will help limit our liability exposure. If you recall, New London dropped us due to our high-loss ratio in 2012. There was only one insurance company that would insure us, but at double the premium cost. If we continue to have claims, we could lose our coverage again and may only qualify for a “high risk pool,” where costs for a yearly premium could exceed $75,000. Therefore, it is prudent to increase the deductible.
Homeowners are responsible for the Association’s deductible regardless of cause. So please contact your insurance agent and have your homeowner’s policy adjusted to be certain that you have adequate coverage.
If you have any questions, please contact the Managing Agent.
Sincerely,
The Board of Directors
September 27, 2013
This is to notify you that the Association’s deductible with Harleysville Insurance has increased from $5,000 to $10,000. Increasing the deductible should have little or no impact on your homeowner’s (HO6) insurance policy. However, you will need to contact your agent to ensure your policy covers the Association’s deductible.
There are two main reasons for this increase.
1. Costs: The higher deductible will decrease the cost of our premium, which doubled from 2012 to 2013. We anticipate it will increase again when the policy renews next year. By increasing the deductible, it will help control our costs, yet should not increase your HO6 premium costs.
2. Liability Exposure: Your HO6 policy will cover the cost of remediation up to the Assocation’s $10,000 deductible. This will help limit our liability exposure. If you recall, New London dropped us due to our high-loss ratio in 2012. There was only one insurance company that would insure us, but at double the premium cost. If we continue to have claims, we could lose our coverage again and may only qualify for a “high risk pool,” where costs for a yearly premium could exceed $75,000. Therefore, it is prudent to increase the deductible.
Homeowners are responsible for the Association’s deductible regardless of cause. So please contact your insurance agent and have your homeowner’s policy adjusted to be certain that you have adequate coverage.
If you have any questions, please contact the Managing Agent.
Sincerely,
The Board of Directors
