Ritter Insurance Agency provides customized coverage for residential and commercial associations.
- Condominium & Townhouse Associations
- Common Area Associations & Planned Unit Developments
- Directors & Officers Liability
- Umbrella/Excess Coverage
- Workers’ Compensation Coverage
- Fidelity Bond
Condominium & Townhouse Associations
A Master Building Property and Liability Policy provides coverage for all property the Association is required to insure. In addition, the policy provides liability insurance for all of the Association’s common areas. Your Master Policy will be customized to reflect the Association’s insurance responsibility as is stated in the Association Agreement.
Common Area Associations & Planned Unit Developments
Our Common Area Insurance policies offer comprehensive property & liability coverage that meet the unique requirements of Single Family Homeowner Associations. We will tailor a program with the limit options and the coverage you require.
Directors & Officers Liability
Directors & Officers (D&O) Liability Insurance protects the Association’s Directors & Officers as well as your association from damages (awards and settlements) and the defense costs resulting from wrongful act allegations and lawsuits.
Most Association policies provide a liability insurance limit of $1 million for any one loss and $2 million in any one year. This limit is inadequate. Per the Davis-Stirling Act, an association with 100 or less units must carry a $2 million limit per occurrence and an association with over 100 units must carry a $3 million limit per occurrence. We have several Umbrella carriers and limit options.
Workers’ Compensation Coverage
We have access to a Workers’ Compensation Program that has been specifically designed with the needs of Homeowner Associations in mind. Workers’ Compensation extends to coverage to organized volunteer efforts within the community, directors and officers performing work on behalf of the Association, and in the even that a contractor’s own policy has lapsed. It also includes coverage for the “if-any” employee exposure.
A Fidelity Bond, sometimes called “Crime Coverage” or “Employee Dishonesty Coverage”, is designed to protect against theft or embezzlement by employees, directors, management personnel, or others who might have access to Association funds.