All community associations face exposures to loss in four areas: property, liability, net income, and personnel (whether staff, contractors, or volunteers). While it is important to be prepared to deal with the possible adverse consequences of loss in these four areas, remember that these constitute a starting point when formulating an insurance plan for your association. Your situation, like that of all associations, is complex and unique. Your Aloha Insurance agent will be glad to review your needs and work with you to create a package that achieves your insurance goals.

Key elements of the association insurance program include:

Property insurance

• Full Insurable Replacement Cost if available
• Flood / Earthquake / Hurricane Coverage if needed
• Building Ordinance Protection
• Mechanical Break Down Protection

Liability insurance

• Commercial General Liability
• Hired and Non-Owned Auto
• Directors and Officers (D&O) Liability
• Commercial Liability Umbrella Coverage

Income insurance

• Business Income
• Extra Expense
• Loss Assessment Protection

Personnel insurance

• Workers Compensation Insurance
• Temporary Disability Insurance
• Group Health Insurance
• Employers Liability Insurance
• Employee Fidelity (Dishonesty) Insurance

Some exposures are not readily insurable while others require compliance with certain financial management practices detailed by FreddieMac and FannieMae and others are subject to state regulations and, in Hawaii, must conform to stipulations in the Hawaii Revised Statutes. In some cases, mortgage lenders require flood insurance coverage which is usually provided by the National Flood Insurance Program.

Other problem areas involve the allocation of risk and deductibles to unit owners, meeting new exposures (such as mold or computer viruses), and finding ways to simply become insurable in a hard insurance market.

At Aloha Insurance, we understand the challenges you face. Give us a call and we can work together to achieve your insurance goals.