Master Insurance Requirements for Properties in a Project

Overview

This topic covers requirements for master property insurance policies covering the common elements and residential structures of project developments.

The requirements applicable to condo projects in this topic also apply to two- to four-unit condos and detached condos, unless stated otherwise.

For the purposes of this topic and Individual Property Insurance Requirements for a Unit in a Project Development, the following definitions apply:

• Common elements refers to insurable, non-residential elements of a project development. Examples include, but are not limited to, clubhouses, parking areas or structures, and recreational facilities.

• Residential structures refers to the insurable elements of a building that contains one or more residences.