It's important your insurance agent has a clear understanding of the type of challenges your community association faces. Providing insurance solutions and policy management services to HOA & condominium associations and their board members is our specialty.
At ICRG we deliver a high-touch full-service agency feel with the personalized service of a dedicated insurance professional.
A dedicated agent will work alongside your board to review your coverage needs, review your existing policies, and help identify potential loss scenarios.
They will get to know your association’s unique risks and recommend coverage that addresses your specific insurance needs – even if it means renewing existing coverage someplace else.
Our network of high-quality insurance companies extends a variety of coverage options from multiple highly rated carriers.
Beyond simply helping boards shop for coverage, ICRG partners with our client communities to ensure your association is prepared for whatever claims situations you face.
Our services extend above the norms of service of a general agency to ensure we provide board members with risk-management education tools and resources to help prevent losses from occurring in the first place.
Commercial property insurance protects your association’s physical assets from perils such as fire, severe weather, burst pipes, theft, and vandalism. Natural disasters like earthquakes and floods are not typically covered by commercial property insurance, unless those perils are added to the policy and must therefore be covered with additional policies or riders.
Commercial property insurance covers your building, everything in it and just outside of it, including:
- Furniture and equipment
- Exterior signs
- Fence and landscaping
- Important documents
- Others’ property
Extending liability protection is critical to an association. Whether you live in a condominium or an HOA, liabilities exist everywhere and it’s easy for claims to quickly rack up millions of dollars in legal fees and damages. Under a normal Liability policy coverage is typically capped at a much lower payout limit than lawsuits often settle for leaving underinsured associations responsible for losses beyond their liability limits.
D&O coverage is designed to protect the board of directors, officers, trustees, employees, volunteers and committee members, as well as Developers that hold board seats from claims arising out of civil lawsuits brought against the association or it’s members for damages arising from administrative actions taken by during operations.
D&O coverage offers a "Duty to Defend" clause which provides legal defense protections for the association and its members against the following acts:
- Fiduciary missteps
- Wrongful termination
- Breach of contract
Inland marine insurance is another broad class of insurance that spans well beyond the construction industry. While the name comes from an era when this class of insurance covered primarily ocean-bound materials and vessels, that is no longer the case. Inland marine insurance coverage is has evolved to cover many types of property, including property in transit, mobile equipment, property in the custody of a repairman or storage facility, property commonly used in different locations, and even computer equipment and digital information.
For the construction industry “inland marine insurance” applies primarily to the tools and equipment used by contractors and developers. For this reason, in construction industry, it’s commonly referred to as “tool and equipment insurance” or “contractor equipment insurance”.
These insurance policies cover many types of property used by construction professionals, contractors, and developers, including:
- Contractor’s tools, equipment, clothing, and supplies (hammers, drills, generators, electric saws, wood, drywall, etc.)
- Mobile equipment (excavators, forklifts, loaders, cranes, etc.)
- Leased or borrowed equipment (leased tools or mobile equipment like electric generators and forklifts)
- Computer equipment and data (laptops, tablets, private project data)
Policies will cover items either at replacement cost or at the fair market value of the damaged or stolen items, and covered incidents for this type of insurance would include:
- Equipment stolen from a jobsite
- Tools or equipment damaged in transport to a jobsite
- Equipment damaged in a fire or natural disaster at a jobsite
This class of insurance can also cover other costs that might be associated with the loss or damage of contractor tools and equipment, including:
- Debris removal / pollution cleanup following a covered incident
- Costs caused by delays resulting from a covered incident