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F E B R U A R Y , 2 0 1 8
888-404-4321
Insurance Reconstruction Experts
Returning families to their homes since 1985
Servicing:
New Jersey • New York
Pennsylvania • Connecticut
To Advertise Call 888-445-7946 or
email .
Limitation Endorsement.” An insurance
policy is a contract that is agreed
upon by the insurance carrier and
the insured. The insured submits an
application to the insurance company
stating that they are an HOA, condo,
or co-op and as such, the insurance
carrier classifies them accordingly. If
all of a sudden, a community associ-
ation starts allowing short-term rentals,
this may change the classification,
which ultimately changes the agree-
ment, and could be considered a
material misrepresentation of the risk,
if the carrier is not notified properly.
If a community association does not
have the correct classification listed
on its policy, then coverage could be
denied by the insurance carrier. For
example, Airbnb may be considered
a hospitality classification because
a rental could be day to day, week
SHORT-TERM...
from page 20.
CONT I NU E S ON PAGE 25
"If a community
association does
not have the correct
classification listed on
its policy, then coverage
could be denied by the
insurance carrier."
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