Premises Medical Payments : See Medical Payments for a definition of this term.For associations the relevant issues are the limit per individual and whether or not association residents and owners are covered by this coverage.
See Independent Agent Direct Writer Exclusive Agent : These terms refer to an insurance company whose agents are company employees. Such a company is in contrast to those who use "exclusive agents" or who work through "independent agents".
Building Ordinance Or Law : This coverage pays for additional construction costs incurred as the result of local building laws. It contains three coverages, which may be provided separately or together: 1) Demolition pays to demolish the parts of the building which were undamaged in the loss but which have to be torn down due to building codes. Similar coverage is provided as Debris Removal for those portions that are damaged by a Covered Cause of Loss. 2) Increased Cost of Construction pays to bring a building element up to current codes. For example, this could pay to replace aluminum wiring with copper, to add sprinklers, or to upgrade fire rated doors. 3) Loss of Value or Contingent Liability pays for the cost of replacing that part of the building which was not damaged by the loss but which must be torn down due to code requirements.
Principal : In a bond or surety, the principal is the one whose honesty, fidelity, or ability to perform is guaranteed.
National Flood Insurance Program/ Nfip: Flood insurance is provided for residential and non-residential buildings and their contents from FEMA/ FIA through insurance companies and agents. The coverage is available for condominium and cooperative associations, HOAs, and PUDs on their buildings on their buildings and commonly owned contents. Flood insurance is also available to unit owners for any portion of the building they own outright together with their contents. For more details, see your property insurance company or agent, call the NFIP @ 1-800-638-6620, or visit FEMA’s web site @ www.fema.cov.nfip.
Wrongful Acts : This is the basic covered injury or damage in a D&O policy. Such acts include unintentional negligent acts, omissions or breaches of duty, or errors relating to the operation of the community association. What is a wrongful act varies from policy to policy. Some D&O policies add advertising injury and personal injury to wrongful act coverage.