Lengthy Legal Battles

A lengthy legal battle could put a financial strain on business operations. Being involved in a lawsuit requires proper legal counsel. If you cannot easily front the money to defend yourself in a lawsuit, having umbrella insurance could be beneficial.

Umbrella insurance is designed to provide protection during legal proceedings. An umbrella insurance policy provides extra coverage that your standard business insurance policy doesn’t. Once you have met your limit through your commercial policy, the coverage that the umbrella insurance provides will be activated.

Protection for Legal Responsibilities

You may be ordered to pay legal fees at the end of a court case. An umbrella insurance policy may provide protection that will keep out-of-pocket costs down.

Once you have exhausted the coverage your standard commercial insurance policy provides, the coverage from an umbrella insurance policy will come into play. And you’lll avoid being responsible for paying out large sums of money.

Insurance Consultation with A Qualified Agent

Would you like to find out more about umbrella insurance coverage and the types of situations it could be used for? Schedule a one-on-one meeting with one of our agents serving Green, OH.

A Ken Boldt Insurance Agency II Inc. agent will review your business plan and determine if umbrella insurance is a good fit for you.

A master condo insurance policy is designed to cover shared elements of a condo building, such as the roof, as well as shared amenities like a swimming pool or dog park. But what happens when the master policy doesn’t provide enough coverage?

Understanding Condo Insurance

Individual condo owners in Green, OH, may be required to pay for a portion of repairs, such as a new roof, through their own insurance policies. Some policies include provisions for situations where the building requires repairs, and each condo owner is responsible for contributing a portion of the costs. Coverage details can vary depending on the insurance company. Representatives at Ken Boldt Insurance Agency II Inc. can help you understand your specific coverage.

Responsibilities of Condo Owners

When the master policy falls short in covering repairs or replacements, the Condo Association or HOA often asks all owners to contribute to the costs. Typically, each owner pays a fair portion to ensure the expenses are distributed evenly. These arrangements can vary depending on the building owner or HOA. Always review the fine print of any agreements to understand your responsibilities and avoid unexpected bills.

How HOA Fees Help

In many cases, condo buildings have HOAs that charge monthly fees. These fees are often set aside to cover additional costs, such as a new roof or upgrades to shared amenities. If the master policy doesn’t cover the full expense, the HOA may use these funds to make up the difference.

It’s crucial to understand how your condo insurance policy works. Agents at Ken Boldt Insurance Agency II Inc. can help you learn more about your coverage options. Contact us today. We’re currently serving the Green, OH, area.

Ken Boldt Insurance Agency II, Inc.

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Umbrella Insurance: Coverage for Situations Your Standard Policy Doesn’t Handle