The 900 Marshy Cove Master Insurance Policy deductible is now $10,000.
Maryland state Law has permitted condo associations to increase
the master coverage deductible from $5,000 to $10,000. The 900
Marshy Cove Board of Directors has decided to take advantage of this change for our building.
Our Master Policy will be reduced for 2021 from $11,895.00 to $10,967.00, resulting in a saving of $928.00.
This $10,000 deductible
will be in effect on December 1,2020. With the new legislation, if a loss
originates in a unit, that unit owner, is responsible for the first $10,000 of
the master deductible.
Here are some items
you need to consider:
- All
owners should contact their insurance carriers to determine if their
policy needs adjustment.
- Note:
With this change and a loss occurs within the common elements or limited
common elements, then the association would be responsible for the $10,000
deductible.
Questions? Comments?
send them to mc900@comcast.net
