QUAIL RUN
CONDOMINIUM
TRUST
HOMEOWNERS MANUAL
Part 8
Insurance
Quail Run is required under the Declaration of Trust to carry insurance coverage for the Association's property. The policies are Broad Form, including limits of 100% replacement cost for the land and buildings of Quail Run, excluding personal property. However, the policies are NOT designed to be "maintenance" coverage, in other words they do provide protection in the case of fire, flood, natural disaster, and other catastrophes, NOT routine wear and tear of the property. If the roof leaks due to wear and tear, this is not a covered loss under the Master Policy. A Unit Owner may however obtain coverage for interior damage under their HO6 policy.
The best possible protection occurs when the Master Policy, including the coverage mentioned above, works with the individual homeowner's policy (HO6) as supplemental coverage. It is imperative that ALL homeowners have an HO6 policy including the appropriate endorsements.
The Master Policy has "first party coverage" in the event of a covered loss. Should a loss occur, the Unit Owner should contact APT immediately. APT will inform the Board and send a "notice of claim" to the Trust's agent. If it is determined that the amount of resulting damage (excluding personal property) exceeds the deductible for the Master Policy (up to $10,000), and the cause of the loss is covered, a claim will be filed with the Trust's insurance carrier. The Unit Owner should always report the loss to their agent at the time of the loss. If the claim is denied under the Master Policy, it is the responsibility of the Unit Owner to file a claim with their carrier regardless of where the loss originated. Please refer to Appendix 5 for procedures to follow in the event of a loss.
In the event of a loss, with respect to what is covered in the units, the Master Policy covers all permanent components, i.e. walls, ceilings, flooring, appliances, cabinets, HVAC equipment and lines, doors, windows, bathroom fixtures, and plumbing lines, etc.. The Master Policy does NOT cover personal items, nor the cost to repair/replace the item that caused the loss, only the resulting damage (for example, the cost to replace the hot water tank that let go is not covered).
To avoid omissions in coverage, unit owners are advised to carefully coordinate the insurance of their individual units and the contents with that which is covered by the condominium Master Policy. Questions can be directed to APT or the Trust's agent, WT Phelan Insurance Agency, (617) 484-4600.
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