The board of directors of a 400-unit condominium building in Southern California had been required to issue an earthquake insurance coverage claim payout that was prohibitively expensive. Through that process, they learned that their coverages were far more extensive and costly than they had realized: a 20% deductible that would leave condo unit owners with a massive bill if an earthquake struck. Additionally, there are only three insurance carriers willing to take on the challenge of covering a property valued at more than $75 million; this property was valued at $80 million.
Because of Alera Group’s diligence and expertise as a leader in condo association insurance, the association received a more favorable earthquake policy, placement with a preferred insurance carrier, and has secured a policy premium savings of $120,000 since 2014. Download the full story above to learn how Alera Group was able to find earthquake coverage and other property & causality insurance needs.