Risk Transfer Program for Condominium Associations
Condominium Legal Liability®, "CLLâ„ ",is a unique Property Damage Loss Waiver® product that protects condominium associations, owners and residents from losses caused by damages originated by owners and residents. CLLâ„ transfers the financial costs and responsibility for these owner/resident-caused damages to the negligent resident. The Property Damage Loss Waiver® option addresses the mutual-waiver-of-subrogation issue wherein the association cannot sue the owner/resident. Historically, the association's only recourse has been to rely upon its own insurance policy and pursue restitution from the owner/resident responsible for the damages/losses. CLLâ„ eliminates this difficult step since the association is primary on the coverage. Condominium Legal Liability® is a powerful risk management tool that can dramatically reduce an association's insurance premiums. There is a potential for preferred status with the association’s P&C carrier based on participation, and CLLâ„ participating associations have realized 5-15% decreases on annual premiums from their P&C carriers.
CLLâ„ services include:
- Master corporate-based $100,000 property damage liability model;
- Patent-pending, online monitoring system that tracks resident participation;
- Proprietary software, database, with monitoring and reporting systems that manage the entire process;
- No cost to the association for the CLLâ„ program, software, training or materials, and
- Ongoing customer support and training program.