Insurance

Declaration of Trust:

 

The Declaration of Trust section 6.6 states that “The Trustees and the Unit Owners shall obtain and maintain the following insurance policies:”

• Casualty Insurance,

• Liability Insurance,

• Fidelity Coverage,

• Directors’ and Officers’ Liability Insurance

• Individual Unit Owner's Insurance:

  • ​Owners must ensure their policies cover the condo association's $10,000 deductible.   

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You can find the Abbey Road policies on the Peacock Properties website home page, (topic, Documents, subtopic Insurance).

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There is a group of eight Blanket policies within our Casualty Insurance Policy:

• 5 for the 3-unit buildings (1-15),

• 1 for the 2-unit building (17-18),

• 1 for the freestanding garage 

• 1 for unit 16. 
   

These Casualty Insurance policies are with Vermont Mutual. Our insurance agent is the Daniel T. Guarino Insurance Agency and our representative is Andrew Guarino. 

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Your Condo Unit Insurance Responsibilities:

You are responsible to insure and maintain anything within your own unit with a Condominium Owner’s Insurance Policy insuring your furniture, furnishings, rugs, carpeting over hardwood and other household and personal property located in your unit and its appurtenances such as is not covered by the Condominium master policy in addition to having a loss assessment coverage endorsement. Please review your policy with your insurance agent to make sure you have the appropriate coverage.

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“Except to the extent covered by the Trust’s Master Casualty insurance each unit owner shall be responsible for any and all damage to any and all units and/or common elements caused by failure to …. maintain and repair own unit.”  (6.2 D of T)  

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You are responsible to maintain liability insurance with limits of not less than $300,000 per occurrence, and with an endorsement to cover liability of any insured to another insured. Please read your Declaration of Trust, Section 6.6 Insurance, to fully understand coverages needed and provided. Below is a letter from the firm providing the condominiums insurance, written to the residents, outlining what level of insurance they recommend.

 

Letter Recommending Condo Insurance Levels:

Dear Abbey Road Condo Trust Owners,

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The master insurance policy that we have in force is an “all-in” master condo policy which covers the inside walls, fixtures, floorings, betterments, & improvements inside the condo units.  The deductible on this policy was increased from $2500 to $10,000 as of 01/15/2022.  You should review your current HO-6 unit-owner policy with your agent to make sure you have adequate coverage. I suggest that you have a Coverage A limit at a minimum of 20K on your HO 6 policy, 500K of liability and 50K of loss assessment coverage. Keep in mind you are responsible for insuring your own personal property and personal liability. Please review you current coverage with your agent. 

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If you need a quote for your unit, let me know and I can provide one for you.  If you need proof of insurance for your bank, you or the bank can email a certificate request to info@djgins.com and we can take care of that within 48 hours.  If you have any questions, please don’t hesitate to contact me at andrew@djgins.com or at the phone number listed below. 

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Thank you!

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Andrew

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Andrew P. Guarino  |  Vice President

Daniel J. Guarino Insurance Agency, Inc.