Published: September 5, 2018

Why would a community association need crime coverage?

  • The average loss to small employers as a result of theft by employees is $120,000.
  • The average fraud scheme lasts between one and two years before it is detected.
  • In over 40% of these types of losses, the funds were never recovered.
  • Coverage carried by a property manager will no offer protection if the Association’s own officers or employees steal funds.
  • A property manager’s crime policy may share the policy limit among all its clients, potentially resulting in insufficient limits of the Association.
  • Governing documents for an Association often require this coverage to protect the homeowners.

All Access has a solution for Community Associations. We have partnered with USLI to ensure all our Associations are covered. Our Crime insurance policy includes:

  • Coverage for theft of money, securities and other property by employees.
  • Optional coverages with the ability to choose limits less than or equal to the Employee Theft limit for causes of loss including but not limited to: forgery, robbery, theft, and computer fraud committed by anyone other than the Insured’s employees.
  • Coverage provided for directors, officers, committee chairs, employees and volunteers without having to schedule them by name or position.
  • Policy can be extended to cover theft of the Association’s money & securities by a property manager’s employees, allowing direct payment to the Association, rather than relying on reimbursement from the property manager.
  • Automatic coverage for board changes and employee added during the policy term.
  • Coverage in the Association’s name to protect the assets of the organization.

Some of the types of businesses that need this type of insurance coverage are:

  • Homeowners Associations
  • Residential Condominium Associations
  • Townhouse Associations
  • Planned Unit Developments
  • Residential Cooperatives
  • Office/Business Parks
  • Mobile/Manufactured Home Parks
  • Recreational Vehicle/Trailer Parks

Keeping your protected.   Rick   All Access Insurance in Littleton, CO,  who represents multiple insurance companies as a “Broker” and provides products for auto, home,  commercial, workers compensation, and much more! Call us today for a free quote at (303) 932-1700