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Property & casualty
Loss assessment coverage pays a unit owner's share of a special assessment charged by a condominium or homeowners association after a covered loss to common property, or a liability claim against the association that exceeds the master policy. Base limits are often modest and can usually be increased by endorsement.
Large master-policy deductibles have made loss assessment more important. If an association carries a high wind or hurricane deductible, every owner may be billed a share of it after a storm, and an owner with the base limit could be left with a significant bill.
Producers should check the association's deductible and how assessments are allocated, then size the endorsement to the owner's realistic share. It is a small premium item that clients remember when it pays.
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