Disclosure: Insurance Coverage Summary

The Insurance Coverage Summary is a disclosure detailing the association’s property, general liability, earthquake, flood, and fidelity insurance policies. The Summary must be submitted with the Annual Budget Report and distributed to all members 30-90 days before the end of the fiscal year. The following information refers to 5300(b)(9) within the new Davis-Striling Act, effective January 1, 2014.

For each policy, the summary must include:

  1. The name of the insurer
  2. The type of insurance
  3. The policy limit
  4. The amount of the deductible, if any.

The summary must be distributed to all members and contain, in at least 10-point boldface type, the following statement:

“This summary of the association’s policies of insurance provides only certain information, as required by Section 5300 of the Civil Code, and should not be considered a substitute for the complete policy terms and conditions contained in the actual policies of insurance. Any association member may, upon request and provision of reasonable notice, review the association’s insurance policies and, upon request and payment of reasonable duplication charges, obtain copies of those policies. Although the association maintains the policies of insurance specified in this summary, the association’s policies of insurance may not cover your property, including personal property or real property improvements to or around your dwelling, or personal injuries or other losses that occur within or around your dwelling. Even if a loss is covered, you may nevertheless be responsible for paying all or a portion of any deductible that applies. Association members should consult with their individual insurance broker or agent for appropriate additional coverage.”