Aquarius Condominium Insurance
By now everyone should have received the coupons for payment Special Assessment of the deductible for the losses caused by the Irma storm of last September of 2017. The first payment is due June 1st., 2018. The deductible is about 2% of the insured coverage. The amount covered is about $54 million. The deductible is a bit over $ 1 million that needs to be paid by all homeowners members of the association. Many new insurance policies have a mandatory deductible of 3% or even 4%. Aquarius keeping the same insurance company QBE is able to have the 2% deductible.
The personal homeowners insurance may have a clause of “Loss Assessment” for wind. In this case a minimum of $2 thousand dollars may be reimbursed by this policy. There are cases that the homeowners policy will not pay the “Loss Assessment.” The policy must include the “wind”endorsement. If this is your case call you agent to add this endorsement. It will not help for 2017 loss or the Special Assessment imposed by Aquarius, but will protect you from future events.
Aquarius will pay about $ 432 thousand for several policies from June 201 to June 2019. This represents an increase of near $ 30 thousand from last year insurance premiums.
What are the insurance policies that Aquarius hold?
- Property (Risk of direct physical damage)
- Equipment Breakdown (Boiler and Machinery)
- Crime (Loss of money caused by employees)
- General Liability (due to negligence)
- Workmen’s Compensation (injury of employees)
- Directors & Officers (lawsuits against officers of the Association)
- Excess Liability (also called umbrella) and
- Hurricane PM (supplement insurance for wind caused loss)
For insurance values and respective premiums as well as additional details please ask at the Property Management Office. The Aquarius Insurance Portfolio includes a number of insurance companies. The procurement of these policies included two other options. The present portfolio was accepted by the Board of Director after careful analysis.
This is part of a presentation made by Dave Roque our Account Executive.