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    Condo

    Posted by MAIA on Mar 25, 2020 12:00:00 AM

    9is question was answered based upon current rules, regulations & statutes in effect on March 3, 2020
     
    QUESTION

    Question, if a condo master policy includes earthquake coverage but the HO6 policy does not, if there was an earthquake loss, would the loss assessment apply or does it have to be a covered loss…. Meaning does the HO6 have to have earthquake as well to be covered?

    Hope that makes sense and you can clarify.

    Thanks.

     


    ANSWER

    Irene Morrill:  An unendorsed HO6 – any edition for loss assessment states:

                   The assessment must be made as a result of direct loss to property, owned by all members collectively, of the type that would be covered by this policy if owned by you, caused by a Peril Insured Against under Coverage A, other than:

                  (1)  Earthquake; or

                  (2)  Land shock waves or tremors before, during or after a volcanic eruption.

    The HO-6 needs HO 04 54 – earthquake coverage endorsement AND a separate loss assessment endorsement HO 04 36 Earthquake loss assessment.

    This document is not a legal opinion and should not be relied upon as such. The intent of this document is to provide a general background regarding the topic or topics discussed, not to provide legal advice. Producers and agencies should consult an attorney regarding specific situations and specific questions with respect to the topic or topics covered in this document. Neither the Massachusetts Association of Insurance Agents, Number One Insurance Agency nor any of its employees shall be responsible for any errors or omissions regarding any statements made in this document, nor any errors or omissions regarding any statutes, regulations, court rules, and/or any other government documents cited in this document.

    Topics: Registry, 2020

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