Endorsements

Loss assessment coverage wording and examples

Loss assessment coverage pays a policyholder's share of an assessment charged by a condominium, homeowners, or similar association after a covered loss. Forms differ in covered assessment triggers, limits and deductibles.

Coverage classification

Form type
Endorsements

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Loss assessment coverage forms compared by Intent, Covered assessments, Limits and conditions
FormIntentCovered assessmentsLimits and conditions

Obsidian Insurance Company

Loss Assessment Coverage

OIC-MH-CW-C-0027 (0626)

Mobile Homeowners

Adds property and liability loss assessment coverage for an insured owner or tenant.Addresses qualifying shared property loss and specified liability assessments.Uses declarations limits and excludes assessments charged by a governmental body.

American National Property And Casualty Company

Condominium Loss Assessment Coverage

SF 0120 1225

Commercial Farm and Ranch

Adds optional loss assessment coverage for a scheduled condominium unit.Addresses certain common property losses, liability occurrences, directors’ acts and listed offenses.Applies a $250 deductible and limits assessments arising from the association’s deductible to $1,000.

Notable clauses

“your share of loss assessment charged during the policy period against you, as owner or tenant of the residence premises”

Obsidian Insurance Company · Loss Assessment Coverage · OIC-MH-CW-C-0027 (0626)

Association assessments. The property provision applies to qualifying assessments by a corporation or association of property owners.

“WE will not pay more than $1,000 of YOUR assessment which results from a deductible in the insurance purchased by the condominium association.”

American National Property And Casualty Company · Condominium Loss Assessment Coverage · SF 0120 1225

Association deductible. This form separately limits the portion of an assessment resulting from the association’s insurance deductible.

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