Loss Assessment coverage on a Condominium Unitowners policy can be increased to protect unit owners from shared property losses. Understanding policy terms is essential for financial protection.
False. Loss Assessment coverage on a Condominium Unitowners policy can indeed be increased. This coverage helps protect unit owners from being held financially responsible for shared property losses not covered by the association's insurance policy.
In scenarios where the property at issue belongs to the defendant and there is no intention of fraud or insurance collection, Loss Assessment can still apply to cover unexpected costs affecting condominium owners collectively.
Understanding the terms and conditions of a Condominium Unitowners policy, including Loss Assessment provisions, is crucial for ensuring adequate protection against potential financial liabilities.
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