What is Condominium Insurance Severability Clause?

Answer Condominium boards are most properly insured with directors and officers insurance -- which best practices recommend, and which may be required by your governing documents. One of the situations co... Read More »

Top Q&A For: What is Condominium Insurance Severability Clause

What is the advantage and disadvantage of Right of First Refusal clause in condominium Articles?

The advantage is that the board can choose to purchase the unit before it is made available for sale to any other entity. There's really no dis-advantage, since the board can publish its non-intent... Read More »

Do condominium owners have to have insurance in accordance with the Illinois condominium property act?

If the Illinois Condominium Property Act says that you **shall** have insurance -- not **may** -- and lays out specific terms and conditions, you are strongly urged to obey the law. In the case of ... Read More »

What is an insurance liberalization clause?

If you have purchased property and casualty insurance recently, your agent may have told you that your policy contains a liberalization clause. While not many people know what this clause means, it... Read More »

What Is an Insurance Margin Clause?

An insurance policy may include an insurance margin clause. This stipulation plays a part in determining any payout made on the policy. It is not always a beneficial feature to have.