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Explain Loss Of Assessments

Loss Of Assessments  Explained!

Loss Of Assessments Technical Terms

Loss Of Assessments : A policy coverage that reimburses an Association for funds not collected from unit owners, whether or not mandated by the CC&Rs. Normally it applies only when an insured loss has led to the nonpayment; the carrier does not intend to become a collection agency for the Association. If mandated, the insurance company will assume the collection rights of the Association. The benefit of this coverage is a protection of the cash flow of the Association immediately after a loss.



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