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Commercial Building Coverage PUD (HOA type) CA
Posted: Mon Feb 09, 2015 1:01 pm
by farmcity
The building is 12K sq ft. there are 4 suites each about 3,000 sq ft. each owner has to get their own building coverage. nice building, concrete tilt with sprinklers but most carriers wont insure only one suite. Any help would be appreciated!
Re: Commercial Building Coverage PUD (HOA type) CA
Posted: Wed Feb 11, 2015 11:26 am
by mightyquinn
If this were a 4 unit condo with an HOA the unit owners own only the insides of their units and the HOA owns the outside walls and common areas. You would have no dearth of markets willing to write GL and contents coverage for individual unit owners and the HOA would have no problem covering their area.
Certainly a 4 unit PUD should be do-able. Perhaps, its the markets you have approached. Why won't "most" carriers write individual suites? If this were a strip center they'd have no problems.
Is there a common business tie between the 4 suites such as might exist with medical occupancies?
I think that you have to do some more research with the owners and underwriters and then readdress your markets. Tough to tear down the wall without seeing it.