Sunrise Mountain View Estates HOA carries an insurance policy covering certain liability and property damage. Individual homeowners need to insure their own properties, including fire fighting and emergency medical insurance, which is offered in our area by Rural Metro.
The property damage covers things like the tennis courts, clubhouse, pools, furniture, ramadas, fences, and signs.
The policy has “Directors and Officers Liability” coverage to protect directors, officers, volunteers and committee members against claims alleging wrongful acts in carrying out their duties. The policy also has “Dishonest Employee” coverage that protects the HOA in the event of a direct physical loss to Business Personal Property and money and securities caused by a dishonest act committed by directors or officers. This portion of the policy covers the same risks as are typically covered by separate fidelity insurance plicy.
SMVE bank deposits are separately protected by FDIC insurance up to $250,000 per bank.
The “renewal declarations” also below lists the coverages and limits. Details of the policy, what it covers and what is excluded can be seen in the 39-page “coverage form” document that follows. Below is he policy.