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Commercial General Liability (CGL) is one of the most crucial aspects of insurance that a community association will carry.
Why is it so important?
Commercial General Liability is in place in order to protect Associations from situations where it may be liable for property damage, bodily injury, or costs for legal defense of the Association pertaining to liability. Commercial General Liability is meant to eliminate the risk of any personal assets of homeowners and Board members alike from being at risk in the event of a claim.
What are some examples of Commercial General Liability claims?
So glad you asked! There are many ways in which an Association can come to find itself with a Commercial General Liability claim. Some of these include, but are not limited to, the following:
- Injuries from spas/hot tubs
- Injuries from recreational courts (tennis, basketball, etc)
- Injuries from swimming pools
- Injuries from dog bites
- Injuries from uneven walkway paving
- Injuries from gym facilities
What are the limits that needs to be maintained to eliminate personal liability?
According to California Civil Code §5805, Associations with fewer than 100 units, the minimum occurrence limit of liability needs to be at least $2,000,000. For Associations with 100 or more units, the minimum occurrence limit of liability needs to be at least $3,000,000.
Insurance to Value
For any community, the most important aspect of property insurance is to make sure that there is adequate insurance coverage for 100% replacement of the insured property. Not only is insurance to 100% replacement common sense, but it’s a requirement of the CC&Rs and federal lending guidelines for community associations.
Every proposal from our agency comes with a replacement cost report to demonstrate where your community’s insurance limits came from, as oftentimes the limits are in place because a broker or agent just bid what a community had previously. Insurance limits should be reviewed annually, as the entire purpose of insurance is to transfer risk to the insurance company in exchange for premium.
Is your risk exposure being reviewed on an annual basis?
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