Olde Marco Condominium Association, Inc. COA News

The Association carries insurance, which owners pay for out of the quarterly dues, covering wind, flood, directors and officers, liability, workers compensation & employer's liability, general liability, fidelity bond, equipment breakdown, umbrella coverage, etc. subject to the terms and limitations in the policies.

Owners are also required to carry insurance on their units including, but not limited to, liability insurance for accidents inside their units, casualty insurance on their units and the contents of their units, and such other coverage as required by Florida law and/or the Condominium Documents.

The Declaration of Condominium Article 3.1.1

In the event insurance proceeds are insufficient to cover a loss to any improvements within any of the Units and/or improvements within any of the Common Elements of the Offered Condominium, the Unit Owners of such condominium shall be responsible for the deficiency 

in the manner set for in Article 16 of the Declaration.  Each Unit Owner shall be responsible for purchasing casualty insurance to provide coverage in such event.  Each unit owner is also responsible for the purchase of casualty insurance, including water damage for any improvements in the Unit Owner's Unit not insured by the Association policy and for all the Unit Owner's ·personal property. In addition, each Unit Owner is responsible for purchasing liability insurance for the acts and omission of the Association in relation to the use of the Common Elements (liability therefore may be imposed pursuant to Section 718.119 of the Condominium Act). Finally, each Unit Owner shall be responsible for purchasing liability insurance for accidents occurring in his own Unit or for accidents or damages for which the Unit Owner is liable, including water damage to other Units or Common Elements caused by Unit Owner's act or failure to act and for any additional liability insurance the Unit Owner so desires.

Owners should make sure their Unit Owners (H06) Policy is sufficient to also cover both their pro rata share of the deductible on the Association Policy as well as any shortage in the Association's coverage.