Master policies cover risks that all of its members share and have in common.
Condominium units are part of a larger condominium development. They’re titled to the individual condominium owners, and they’re privately owned. Every condominium development has common elements though. They’re owned in common by the collective condominium owners. Those common elements usually consist of roofs, building framing and exteriors, hallways, elevators, sidewalks, roads, parking lots, pools, landscaping and lawns. The individual condominium owners usually carry their own insurance for what they own, and the condominium association carries its own separate coverage for what it collectively owns. That’s what a condominium association’s master policy is. Read More