Insurance Details
This file provides information on Waikiki Banyan insurance policies. A summary table is available for quick reference.
If your lender requires proof of insurance, contact Cavanah Associates, Inc. at 808-537-1970.
If you or your lender need flood insurance information, contact Atlas Insurance Agency at 808-533-8635. You can download a PDF file of our flood insurance policy Declaration page.
Property
INSURANCE COMPANY: First Indemnity Insurance of Hawaii, Inc.
POLICY PERIOD: 4/10/2010 to 4/10/2011
POLICY LIMITS:
- Blanket Building: $125,134,000
- Business Personal Property: $331,000
- Business Income/Extra Expense: $1,100,000
- Hurricane Business Income: $1,100,00
- Building Ordinance or Law Coverage: $250,000
- Contents Ordinance or Law Coverage: $250,000
DEDUCTIBLES:
- All Perils Except Hurricane: $3,000
- Hurricane: 1% of TIV of damaged structures
PROPERTY COVERED
Buildings
1. Residential Condominium Units
Buildings meaning all exterior and interior walls, floors, ceilings and common building elements, including elevators, or as defined by the Association's by laws.
Fixtures including but not limited to refrigerators, cooking ranges, drapes, wall to wall carpeting (of like kind or quality of that originally installed), and owned by the named insured, or unit owner comprising a part of the building within the exterior surfaces of the interior or exterior walls, floors, and ceilings of residential condominium units initially installed, or their replacements, in accordance with the as-built condominium plans and specifications.
Note: If any of the original fixtures were upgraded by unit owner, the policy would only cover the replacement of the original fixture and not the upgraded fixture.
2. Commercial Condominium Units
Buildings meaning all exterior and interior walls, floors, ceilings and common building elements.
Fixtures or Installations comprising a part of the building within the interior surfaces of the interior or exterior walls, floors and ceilings of commercial condominium units, initially installed, or their replacements, in accordance with the as-built condominium plans and specifications excluding alterations and additions.
3. General
In addition to (1) and (2) above: yard fixtures, swimming pools, detachable building equipment, signs attached to building, maintenance equipment, but not including motorized equipment licensed for highway use.
Personal Property
Meaning property owned by the Association including furniture, fixtures, equipment and supplies in which each of the condominium unit owners has an undivided interest, such as lobby and pool furniture and maintenance equipment.
Personal Property Not Covered
Household and personal property owned by, used by, or in the care, custody or control of the owner of a condominium unit. Example: tapestries, davenports, unattached rugs, screen, panelings, other ornamental covering or fixtures such as chandeliers, etc., alterations and additions to the condominium units. Stocks of merchandise, store furniture(s), fixtures, machinery and equipment, watercraft, vehicles designed for highway use, jewelry, fine arts, furs, land animals, money, securities, etc.
Perils Insured Against:
risks of direct physical loss with exclusions including but not limited to the following:
- asbestos
- pollution & contamination
- mold/fungus
- nuclear, biological, chemical
- flood
- earthquake
Payment of Deductible:
The carriers will look to the Association to bear the cost of the deductible. They have waived any right of recourse against any individual unit owner. The Association may seek reimbursement of the deductible from a unit owner if the insured loss was caused due to negligence of the unit owner.
Glass:
This policy pays for damage to glass windows as a result of breakage. It pays for the repair or replacement of broken glass windows with plates of the same type and dimensions as scheduled on the policy otherwise coverage is limited to the actual cash value of the damaged glass.
Glass windows are considered part of the building per policy definition, therefore scheduling of individual panes is not required.
General Liability
INSURANCE COMPANY: First Indemnity Insurance of Hawaii, Inc.
POLICY PERIOD: 4/10/2010 to 4/10/2011
POLICY LIMITS:
- Each Occurrence: $1,000,000
- General Aggregate: $2,000,000
- Products/Completed Ops.: included
- Personal & Advertising Injury: $1,000,000
- Medical Expense per Person: $5,000
TYPE OF POLICY: This policy provides protection for legal liability of the Association which results from bodily injury or property damage arising out of:
- premises and operations
- products/completed operations
- personal injury
- contractual liability
- incidental malpractice
- independent contractors (if any)
- host liquor liability
- employee benefits liability
EXCLUSIONS include but are not limited to:
- pollution
- nuclear energy liability
- fungi or bacteria
- asbestos
- silica
- certified acts of terrorism
- employee practices liability
- lead
Coverage is not provided for individual unit owner’s personal liability. It is the unit owner’s responsibility to secure personal liability coverage.
Commercial Crime-Fidelty
INSURANCE COMPANY: Traveler’s Casualty & Surety Co.
POLICY PERIOD: 4/10/2010 to 4/10/2013
POLICY LIMITS:
- Fidelty - $100,000
DEDUCTIBLE: $5,000
TYPE OF POLICY: This policy pays for loss of Association property including money and securities due to employee theft.
Umbrella Policy
INSURANCE COMPANY: National Union (AIU Holdings)
POLICY PERIOD: 4/10/2010 to 4/10/2011
POLICY LIMITS:
- Each Occurrence: $15,000,000
- Aggregate: $15,000,000
- Self-insured Retention: $10,000
TYPE OF POLICY: This policy provides additional coverage over other insurance policies (“underlying policies”). The “Umbrella” policy provides additional liability protection (subject to exclusions) if any of the underlying limits are exhausted. In some instances, the Umbrella policy provides additional coverage that is not covered by the underlying policy.
Flood
INSURANCE COMPANY: Fidelity National Property & Casualty Ins. Co.
POLICY PERIOD: 9/28/11 to 9/28/12
POLICY LIMITS:
- Building: $500,000
- Contents: $105,000
DEDUCTIBLE: $2,000
TYPE OF POLICY: This policy insures the association against loss to the building or the association's personal property from a flood or tsunami. The limits of the policy are dictated by provisions of the National Flood Insurance Program.
Directors & Officers/Employment Practices Liability
INSURANCE COMPANY: Traveler’s Insurance
POLICY PERIOD: 4/10/2010 to 4/10/2011
POLICY LIMITS: Occurrence and Annual Aggregate limit $1,000,000
DEDUCTIBLE: $5,000
TYPE OF POLICY: This is a policy which provides liability coverage and/or Association indemnification to and on behalf of the directors, trustees, officers, employees, volunteers or staff members of the Association. It provides coverage for any claims made against them for actual or alleged errors, misstatements, misleading statements, acts or omissions, neglect or breach of duty or employment practices wrongful act while acting in their capacities with the Association (subject to policy exclusions). This is a “claims made” policy; the claim must be made during the policy period for coverage to be effective.
Business Auto
INSURANCE COMPANY: First Insurance Co. of Hawaii
POLICY PERIOD: 4/10/2010 to 4/10/2011
POLICY LIMITS:
- Bodily Injury Liability - per person: $1,000,000
- Bodily Injury Liability - per accident: $1,000,000
- Property Damage Liability - per accident: $1,000,000
- Personal Injury Protection (No-Fault): $10,000
- Uninsured Motorists: $20,000/person, $40,000/accident
- Underinsured Motorists: $20,000/person, $40,000/accident
- Hired Auto Liability: included
- Non-Owned Auto Liability: included
DEDUCTIBLES:
- Collision: $500
- Comprehensive: $500
TYPE OF POLICY: Coverage is provided for claims occurring from the business use of owned, non-owned and hired automobiles.
Workers’ Compensation
INSURANCE COMPANY: North River Insurance Company
POLICY PERIOD: 11/1/2009 to 11/1/2010
POLICY LIMITS:
- Bodily Injury By Accident, each accident: $500,000
- Bodily Injury By Disease, each employee: $500,000
- Bodily Injury By Disease, Policy Limit: $500,000
DEDUCTIBLE: N/A
TYPE OF POLICY: This is a liability policy which insures the Association for its legal obligations as dictated by the Hawaii Workers’ Compensation laws. It will pay on behalf of the employer all sums the employer becomes legally obligated to pay as the result of employee injury at the insured premises, or in the necessary course of employment. It does exclude punitive damage awards, intentional injury, wrongful discharge and discrimination. This is an audited policy; the actual premium paid is a function of the Association’s actual payroll by job classification at the end of the policy year.
Temporary Disability Insurance
INSURANCE COMPANY: Pacific Guardian Life
POLICY PERIOD: 1/1/2010 to 1/1/2011
POLICY LIMITS: Statutory
DEDUCTIBLE: N/A
TYPE OF POLICY: This is a liability policy which insures the association for its legal obligations as dictated by the Hawaii Labor laws. It will pay on behalf of the employer all sums the employer becomes legally obligated to pay as the result of employee injury/incurred while not engaged in employment activities. This is an audited policy; the actual premium paid is a function of the Association’s actual payroll for the annual period.
Individual Owners Insurance
Hawaii has not adopted policies which will permit insuring the personal interest of the individual along with the Master Fire/Liability Policy. Therefore, you must secure a Fire and Liability Policy for occurrences which take place within the confines of your apartment. The following items should be covered under your policy:
- Upgrades and improvements in fixtures, appliances and construction differing from that originally conveyed with the apartment.
- Plates of glass in your apartment (mirrors, glass shelves, glass counters, glass furniture, glass tabletops, glass display cases, window panes, sliding doors, etc.) that are not covered under the Master Policy and are your responsibility.
- Any upgrading of carpeting, draperies or window treatments and interiors over that originally installed, are your responsibility.
- Personal articles, furniture, clothing, jewelry, etc.
- Plumbing fixtures from your interior which leak through to the apartment below should be covered under a Homeowners Policy but not normally under a basic Fire Policy. No policy will cover the cost of repairing a break or leak caused by lack of maintenance, but usually will pay for ensuing damage provided the pipe bursts.
- Additional living expenses to cover the additional costs incurred to live elsewhere while your unit is being repaired.
- Loss of rental income when you are unable to rent out your unit because it has been damaged by fire, etc.
You may select a Homeowners Policy (HO-6) which combines Fire, Liability, Theft, Vandalism and Malicious Mischief coverages. Owners who reside permanently in the unit can qualify for this type of policy. Others may purchase separate policies of Fire, Liability, and Theft, if you rent out your unit.
It is the responsibility of all individual owners and occupants of the building to consult their own personal insurance agent to ensure proper liability and property coverage is provided to protect their interests.
