- Introduction
- The Condo Shield Program: A Comprehensive Solution
- A Real-World Impact: Client Testimonials
- Understanding Condominium Insurance Responsibilities
- Conclusion
Introduction
When protecting the assets and operations of a condominium association, it’s crucial to have a reliable and comprehensive insurance program in place. Acentria Insurance, one of Florida’s largest condominium association insurance agencies, offers a specialized protection program known as the Condo Shield program. This innovative solution provides valuable services designed to help association boards and property managers manage risks, handle claims, and prevent losses. In this article, we will explore the highlights of the Condo Shield program and how it can benefit your association.
Acentria Insurance has earned a reputation as a leading agency in the state of Florida. With over 50 locations across the state and a dedicated team of more than 700 insurance professionals, Acentria serves a broad range of condominium associations. These associations trust Acentria to protect their multi-family units and valuable assets, which total over 33 billion dollars. The company’s strong relationships with key insurance carriers, who specialize in community associations, enable it to offer exceptional coverage options.
Acentria’s team goes beyond providing insurance. They work closely with condominium association boards and property managers to review risks, provide claims prevention services, and offer various risk management tools.
The Condo Shield Program: A Comprehensive Solution
The Condo Shield program is a unique offering designed to provide enhanced insurance services to condominium associations. The program encompasses a range of resources and benefits, two of which stand out in particular:
- Hurricane Emergency Response Team (HURT) Program
One of the most valuable features of the Condo Shield program is the HURT Program, which provides a specialized team of professionals to assist associations before, during, and after a hurricane. The HURT team is made up of claims mitigation experts, licensed insurance professionals, building contractors, engineers, and consultants who work together to quickly assess damage, mitigate further risks, and begin the repair and claims process.With Florida’s vulnerability to hurricanes, this proactive support is critical. The HURT program ensures that associations are ready to respond immediately after a storm to minimize damage and facilitate rapid recovery. - Directors and Officers Risk Management Services
Acentria understands that the board of directors and officers play a critical role in the governance of a condominium association. Ensuring that these individuals are properly covered with a Directors and Officers (D&O) policy is essential. The Condo Shield program provides guidance to help associations structure their D&O policies, ensuring coverage for the board members, property managers, and volunteers.Moreover, the program emphasizes the importance of following best practices to avoid potential claims. This includes adhering to bylaws, maintaining proper documentation, and avoiding overstepping fiduciary duties.
A Real-World Impact: Client Testimonials
Acentria’s commitment to its clients is evident through the feedback of condominium associations that have benefited from the company’s services. Clients have praised Acentria’s proactive approach in the aftermath of hurricanes, noting that the team was often the first to respond, helping to address claims and start repairs immediately.
For example, one client shared how Acentria’s team was quick to respond in Daytona Beach Shores after a major storm. The swift action helped the association address its claim issues, minimize damage, and begin the cleanup process. Another client who dealt with Hurricane Michael’s aftermath highlighted how the HURT program was on-site immediately and worked tirelessly to repair the facility.
Additionally, Acentria’s team has saved associations substantial amounts on premiums, with one client noting a savings of over $380,000 due to the company’s negotiation efforts, including bringing underwriters to inspect the property to optimize coverage.
Understanding Condominium Insurance Responsibilities
In Florida, condominium associations must understand the different responsibilities they hold when it comes to insurance coverage. For instance, the association is generally responsible for ensuring the exterior common elements, such as the roof, walls, common areas, and electrical systems. On the other hand, individual unit owners are responsible for insuring their interior components.
To help bridge this gap, many unit owners purchase a specific insurance policy known as the H06 policy. This type of policy covers personal property within the unit and any damage to the interior that is not covered by the association’s insurance. Lenders may also require unit owners to maintain an H06 policy to protect their financial interests.
Conclusion
Acentria Insurance’s Condo Shield program offers a comprehensive, proactive approach to condominium association insurance. By combining specialized programs like the HURT team and Directors and Officers risk management services, Acentria ensures that associations are not only well-protected but also prepared to handle potential risks before they become disasters.
For condominium associations in Florida, working with Acentria means having access to the expertise and resources of one of the largest insurance agencies in the state. If you’re interested in learning more about how Acentria can support your association with comprehensive insurance services, don’t hesitate to contact them for more information. The peace of mind that comes from being well-prepared is invaluable, and Acentria is dedicated to helping associations achieve just that.