To what extent does "Coverage A2 - Loss Assessment" in a Condominium Unit Owners Comprehensive policy cover an assessment against a unit owner? Any covered assessment made by the Condominium Corporation, as additional insurance up to the limit specified on Unit Improvements and Betterments. Any assessment made by the Condominium Corporation as a contribution to cover the deductible in the Condominium Corporation's insurance. Any covered assessment made by the dominium Corporation up to $10,000 or the limit specified in the Unit Owners policy declarations. Any assessment not exceeding $25,000, made in respect of any losses sustained by the Condominium Corporation.

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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To what extent does "Coverage A2 - Loss Assessment" in a Condominium
Unit Owners Comprehensive policy cover an assessment against a unit
owner?
Any covered assessment made by the Condominium Corporation, as
additional insurance up to the limit specified on Unit Improvements and
Betterments.
Any assessment made by the Condominium Corporation as a contribution to
cover the deductible in the Condominium Corporation's insurance.
Any covered assessment made by the Cdominium Corporation up to
$10,000 or the limit specified in the Unit Owners policy declarations.
Any assessment not exceeding $25,000, made in respect of any losses
sustained by the Condominium Corporation.
11:24
Transcribed Image Text:To what extent does "Coverage A2 - Loss Assessment" in a Condominium Unit Owners Comprehensive policy cover an assessment against a unit owner? Any covered assessment made by the Condominium Corporation, as additional insurance up to the limit specified on Unit Improvements and Betterments. Any assessment made by the Condominium Corporation as a contribution to cover the deductible in the Condominium Corporation's insurance. Any covered assessment made by the Cdominium Corporation up to $10,000 or the limit specified in the Unit Owners policy declarations. Any assessment not exceeding $25,000, made in respect of any losses sustained by the Condominium Corporation. 11:24
Your clients have just bought a condominium unit and intend to renovate
the kitchen completely. How would you arrange insurance on these
renovations under a Condominium Unit Owners Comprehensive policy?
Find out the cost of the kitchen renovations and increase the limit of
insurance on Personal Property.
Nothing special is needed. The improvements will be considered part of the
building and are therefore covered by the Condominium Corporation's
insurance.
Increase the coverage amount on Improvements and Betterments to include
the cost of these renovations.
The renovations are covered automatically as part of the Unit under
Coverage A1 and therefore no action will be necessary.
Transcribed Image Text:Your clients have just bought a condominium unit and intend to renovate the kitchen completely. How would you arrange insurance on these renovations under a Condominium Unit Owners Comprehensive policy? Find out the cost of the kitchen renovations and increase the limit of insurance on Personal Property. Nothing special is needed. The improvements will be considered part of the building and are therefore covered by the Condominium Corporation's insurance. Increase the coverage amount on Improvements and Betterments to include the cost of these renovations. The renovations are covered automatically as part of the Unit under Coverage A1 and therefore no action will be necessary.
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