Insurance General:

As a member of the Association you are required to have insurance to cover your building and the contents of your property, interior space and any damages that might occur within that property.

The complex itself carries liability and property insurance as prescribed by our Bylaws, and required by the state of Maryland covering such matters as are common to the association. The Association current deductible on the master policy is $5,000.00.

If at anytime there is a loss to the inside of the building that is coverable by insurance but would not be paid due to the high deductible on the master policy the association will pay up to but not to exceed $500. Any amount above the $500 and up to whatever the amount of the deductible on the master policy is at the time of loss, is the responsibility of each individual to obtain on their own office policy.

Owners are instructed to carry enough real property coverage to cover the deductible, contents and the betterments*. As prescribed by Maryland law, the $5,000.00 deductible would be required from you, as the unit owner if there was a claim involving the Association’s Insurance in reference to your property.

You should contact your insurance agent annually for a careful review of your insurance needs. You should be advising your tenants to insure their office contents.

*Betterments are improvements that you have made to the property post the original build out of your space. For example but not restricted to, if you installed kitchen cabinets, added walls, hardwood floors etc. those need to be covered by your policy.