What it does
BP 17 01 adapts Section I – Property to a condominium association. Building is redefined to include completed additions, fixtures outside individual units, permanently installed machinery and equipment, association-owned property used to maintain or service the building, and – regardless of ownership – fixtures, improvements, alterations and appliances within units if the Condominium Association Agreement requires the association to insure them. It does not include unit-owners' personal property other than those items. Business Personal Property is redefined around property owned by the association or owned indivisibly by unit-owners.
Who needs it
Condominium associations written on the BOP. ISO treats residential condominium associations like apartments for eligibility (any size), and office and commercial condominium associations under the office rules.
Quoting and selling notes
- Read the declaration and bylaws to confirm whether the association must insure "bare walls", original fixtures or all-in improvements, and set the building limit accordingly.
- Add directors and officers liability with BP 17 24 for the board.
- Many states have their own condominium changes or additional provisions endorsements.
