Getting an association crime insurance policy in Florida is a must. Community associations that include homeowners, residential condominiums, townhomes, planned developments, business parks and office parks all need to have proper crime insurance. Learn more about Florida crime insurance for community associations below.
Why Community Associations Need Crime Coverage?
- The average loss to associations as a result of a theft by employees exceeds $120,000
- The average scheme for this type of fraud lasts between one and three years before it is detected
- In over 35% of these type of claims, the monies are never recovered for the association
- Property manager coverage does not offer protection if the Associations officers or employees steal monies
- In most instances, a property manager’s crime policy may share the policy limit among its customers, which can result to inadequate limits of coverage
- The state of Florida and governing documents for an Association require this type of coverage to protect its homeowners
Some Policy Coverage Features for Crime Insurance
- You can purchase coverage for theft of money, securities and other property by employees
- Additional optional coverages can include limits less than or equal to employee theft limit for causes of loss, forgery, robbery, theft and computer fraud
- Get coverage for directors, officers, employees and volunteers without having to individually schedule them to the policy
- You can extend coverage for theft of the Association’s money and securities by a property manager’s employees, which can offer a direct payment to the Association
- Automatically be covered for board changes and employees that are added in the middle of a term
- Get coverage in the Association’s name to protect all assets of your company