COOPERATIVE INSURANCE - CO-OP INSURANCE

Insurance policy offered to an association, which covers losses to their units. Losses from burglary, fire damage, or liability, among others, are included in the coverage. In general, it gives coverage for common areas such as basement, elevator, common walkways, hallways, and roof. It protects the building, not the apartment owners, unless the damage occurs because of a certain event under the association’s jurisdiction.