• Latest
  • Trending
  • All
  • News

Got Crime Insurance for Your Condo Association?

January 12, 2017
5 Vital Car Cleaning Tools To Make A Car Look Brand New

How Exterior Detailing Services Can Enhance the Look of Your Vehicle

January 21, 2024

The Ultimate Guide to Rebuilding a Transmission – Everything You Need to Know

December 10, 2023
5 Weekend Travel Tips for Lasting Joy With the Family

Preparing Your RV For Storage – Essential Steps to Take

November 21, 2023

5 Reasons Why Regular Auto Repair Services Are Crucial for Your Vehicle

November 21, 2023
Comparing the Services of Open Vs. Enclosed Car Shipping

Comparing the Services of Open Vs. Enclosed Car Shipping

November 20, 2023
Heavy Vs. Light Duty Towing: Knowing The Kind of Truck You’ll Need

Heavy Vs. Light Duty Towing: Knowing The Kind of Truck You’ll Need

November 11, 2023
6 great reasons why vehicle owners won’t be stranded when calling out a local locksmith

6 great reasons why vehicle owners won’t be stranded when calling out a local locksmith

October 27, 2023
Six Reasons to Buy a Classic Corvette

Six Reasons to Buy a Classic Corvette

October 20, 2023
Top 5 Signs of Alternator Problems

Top 5 Signs of Alternator Problems

October 10, 2023
7 Common Engine Rebuilding Mistakes and How to Avoid Them

The Benefits of Reliable Auto Repair Services You Can Trust

October 9, 2023
Practical Car Interior Gadgets to Upgrade Your Ride

Top Reasons Why Used Cars Are a Better Investment

July 2, 2023

Essentials of Handicap Vehicles

June 20, 2023
  • Guest Posts
  • Advertise
  • Contact
  • Privacy Policy
Thursday, July 10, 2025
  • Login
Tech Featured - Automotive
  • Home
  • Gadgets
  • Automotive News
  • Interesting Topics
No Result
View All Result
Tech Featured - Automotive
No Result
View All Result
Home News

Got Crime Insurance for Your Condo Association?

January 12, 2017
in News
0
83
SHARES
238
VIEWS
Share on FacebookShare on Twitter

While a condo association may have a related business insurance policy for liability, property as well as directors’ and officers’ coverage, there is a glaring risk that many big and small associations might ignore – until the damages and losses present themselves. What I am referring to is crime insurance.

This type of coverage is essential because of the following general reasons:

• The typical small business incurs $120,000 losses annually in relation to employee stealing.

• On the whole, a fraud incident can go on for one or two years before being noticed.

• Ordinary property manager insurance does not cover losses that are due to Association theft incurred by an officer or employee.

• A community association must comply with governing documents that generally require coverage for all homeowners.

Okay, you say. Crime Insurance is a good thing if you are required to get it and if you actually experience an in-house theft, but is it really so terrible to be without it if the odds are for you?

The insurance companies nod yes – quite emphatically. “Yes, yes, yes,” is the resounding answer to something that appears rhetoric.

To underscore the enthusiasm for this type of policy, take a good look at some claim examples involving crime and a condo association.

Crime Insurance Claims that could happen to your Condo or Community Association

Theft of Money

Although he was on in years, it appeared as if the treasurer of a senior citizen community association had not yet learned the value of ethical behavior. He embezzled the residents out of approximately $30,000 by using public association money for his personal needs.

General Theft

The treasurer of a particular association leased a personal car and other items for himself by opening a commercial credit card and having the purchases billed to the association. It was only after a couple of years that another association member smelled trouble and caught on to the illegal goings on.

Forgery

When the summer and balmy weather came to an end, that should have been the end of the pool management’s tenure at a condo association. As far as payroll went it wasn’t. Although there were no services provided, the treasurer kept up ‘payments’ by forging other officers’ signatures while using the money for his own personal purchases. A new officer finally uncovered this criminal’s activities after much damage was done.

Property Manger Theft of Vault

A property manager employee became awfully disgruntled following an argument about salary. In the dead of night, he accessed the place where the vault was located and vandalized the room while stealing money and important documents from the vault. Because there was no crime insurance in place, the association was left ‘holding the bag’ of responsibility.

Tags: Insurance
Share33Tweet21Share8
  • Trending
  • Comments
  • Latest

John Christie Electric Generator – Generates 24 Kilowatts Of Free Electricity

November 21, 2016

How to Use a Magnetic Generator to Get Rid of Your Electricity Bill

November 21, 2016

Buying a Gazebo – How to Install a Gazebo on Grass

June 8, 2017

The Environmental Benefits of Automobile Recycling

0

Automotive Fasteners – A Number of Items Included on the List

0

Drag Racing – The Perfect Launch

0
5 Vital Car Cleaning Tools To Make A Car Look Brand New

How Exterior Detailing Services Can Enhance the Look of Your Vehicle

January 21, 2024

The Ultimate Guide to Rebuilding a Transmission – Everything You Need to Know

December 10, 2023
5 Weekend Travel Tips for Lasting Joy With the Family

Preparing Your RV For Storage – Essential Steps to Take

November 21, 2023
Tech Featured - Automotive

Navigate Site

  • Guest Posts
  • Advertise
  • Contact
  • Privacy Policy

Follow Us

No Result
View All Result
  • Home
  • Gadgets
  • Automotive News
  • Interesting Topics

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In