Boards of Directors of homeowner associations are legally required to fulfill the obligations set forth in the condo regimes and CC&Rs of the association. Novamar Insurance can provide legal liability insurance policies protecting the directors, officers, and administrators, as well as insurance over the entire community.
Novamar HOA and Resorts Insurance Programs
Homeowners Master Associations in Mexico deserve and expect the best service for their maintenance fees, which include the payment of the building/HOA association insurance policies to protect the structures and communal areas. This important yearly expense should provide more than just the HOA insurance coverage; it should include the specialized risk management services that an insurance broker, with this experience, can provide by handling the insurance program, but with the commitment to work as a permanent consultant.
Our main objective working with HOA administrations and Boards is to focus on the community safety and risk management of the daily activities, to avoid and control hazards, be prepared for natural phenomena and provide the homeowners with contingency plans.
We specialize in these types of operations. We have more than 30 years of experience working with finance officers and risk managers of international corporations with resort areas including beachfront risks.
Once the decision has been taken regarding the risks that will be transferred from the master association to the association master policy, we negotiate with the best underwriters that can meet the Master association and Novamar requirements in financial strength, claims and customer-oriented service.
Risk management and insurance program
- Property Damage
- Identify and evaluate the risks based on daily operations
- Values and limits
- Replacement Value Analysis
- Analyze the asset values to establish the accurate limits and sum insured
- Common Area Inventory
- Equipment more than 10 years old extension
- Audit of insurance coverage vs. replacement and/or actual cash values
- Create and gather all the documents and values required to establish the replacement value of your assets: Inventory of Common Areas
- Deductible and Coinsurance analysis
- HOA Board & Administration Directors and Officers Proposal
- Liability exposures analysis
- By-Laws and CCR´s analysis and suggestions
- Business Interruption
- Extra expenses analysis
- Contingency Business Interruption recommendations
- Meetings & presentations
- Renewal Meeting
- Follow Up meetings every 6 months
- HOA Annual Meeting presentations
- Engineering physical inspection
- Homeowners personal contents
- Master Policy Proposal to cover all units
- Claims assistance
- File Claims with the insurance company
- Claim process work with the adjuster
- Claims support in every claim and follow up until it is resolved
- Create updated files with the documents and information requested by the insurance companies in case of a loss and a claim
- Frequency and Severity Analysis
- Emergency Fund
- Insurance Market Review
- Anniversary Date Analysis
- Annual Claims and Loss Report
- Insurance Program Binder