Condo building

In practiceA fire in the lobby or a burst pipe in a shared hallway causes damage, and the corporation's master policy covers the building and common elements.

Not coveredWhat is inside an owner's unit and their belongings is the unit owner's policy, not the corporation's.

In practiceA board decision is challenged by an owner, and directors and officers coverage defends the volunteer board.

Not coveredFraud or personal gain by a board member is excluded.

In practiceA big shared loss exceeds the master policy and gets billed back to owners, and loss-assessment coverage helps them with their share.

In practiceThe boiler or elevator fails, and optional equipment-breakdown coverage handles the repair and resulting damage.

Not coveredWithout the optional add-on, sudden mechanical or electrical breakdown may not be covered.