Insurance

Commercial Package Policy

INSURANCE COMPANY: First Indemnity Insurance of Hawaii, Inc.

POLICY PERIOD: 4/10/2016 to 4/10/2017

PROPERTY LIMITS

  • Blanket Building: $255,685,400
  • Business Personal Property: $331,000
  • Business Income/Extra Expense: $1,100,000
  • Hurricane Business Income: $1,100,000
  • Building Ordinance or Law Coverage: $250,000
  • Contents Ordinance or Law Coverage: $250,000

GENERAL LIABILITY LIMITS

  • General Aggregate: $2,000,000
  • Each Occurrence: $1,000,000
  • Products/Completed Ops.: included
  • Personal & Advertising Injury: $1,000,000
  • Medical Expense per Person: $5,000

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

DEDUCTIBLES:

  • All Perils Except Hurricane: $5,000
    • Hurricane: 1% of TIV of damaged structures or $10,000, whichever is greater

Type of Policy

This policy combines and replaces separate commercial property and commercial general liability policies.

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 will not cover 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.

Excluded Perils

Risks of direct physical loss with exclusions including but not limited to the following:

  • asbestos
  • pollution & contamination
  • mold, fungus, bacteria
  • nuclear, biological, chemical
  • flood
  • water
  • earthquake
  • silica
  • certified acts of terrorism
  • employee practices liability
  • lead

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 owned by or in the control of the Association 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.

Legal Liability

This policy provides protection for legal liability of the Association which results from bodily injury or property damage.

Coverage is not provided for individual unit owner’s personal liability. It is the unit owner’s responsibility to secure personal liability coverage.

Crime (Fidelity)

INSURANCE COMPANY: Traveler’s Casualty & Surety Co.

POLICY PERIOD: 4/10/2016 to 4/10/2019

POLICY LIMITS:

  • Employee Theft - $200,000
  • ERISA (Employee Retirement Income Security Act) Fidelity - $200,000

Single Loss Retention: $1,000

Type of Policy

This policy pays for loss of Association property including money and securities due to employee theft.

Umbrella & Excess Liability

INSURANCE COMPANY: Great American Insurance Co. & Ironshore Indemnity Inc.

POLICY PERIOD: 4/10/2016 to 4/10/2017

POLICY LIMITS:

  • Each Occurrence: $25,000,000
  • Aggregate: $25,000,000
  • Products/Completed Operations: $25,000,000

Type of Policy

This policy provides additional coverage over other insurance policies (“underlying policies”). The “Umbrella and Excess Liability” coverage provides additional liability protection (subject to exclusions) if any of the underlying limits are exhausted. In some instances, this policy provides additional coverage that is not covered by the underlying policy.

Flood

INSURANCE COMPANY: Wright National Flood Ins. Co.

POLICY PERIOD: 9/28/16 to 9/28/17

POLICY LIMITS:

  • Building: $500,000
  • Contents: $134,100

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. We also provide a memo you can use to explain to prospective lenders how Waikiki Banyan is fully covered under FEMA guidelines.

Directors & Officers/Employment Practices Liability

INSURANCE COMPANY: Traveler’s Casualty & Surety Co.

POLICY PERIOD: 4/10/2016 to 4/10/2017

POLICY LIMITS: Occurrence and Annual Aggregate limit $1,000,000

RETENTION:

  • $7,500 per indemnified D&O loss
  • $25,000 per wrongful employment practices claim

Type of Policy

This policy 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: 4/10/2016 to 4/10/2017

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: First Indemnity Insurance of Hawai‘i

POLICY PERIOD: 11/1/2015 to 11/1/2016

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 Hawai‘i 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, adjusted according to prior loss history.

Temporary Disability Insurance

INSURANCE COMPANY: Pacific Guardian Life

POLICY PERIOD: 1/1/2016 to 1/1/2017

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 Hawai‘i 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:

  1. Upgrades and improvements in fixtures, appliances and construction differing from that originally conveyed with the apartment.
  2. 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.
  3. Any upgrading of carpeting, draperies or window treatments and interiors over that originally installed, are your responsibility.
  4. Personal articles, furniture, clothing, jewelry, etc.
  5. 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.
  6. Additional living expenses to cover the additional costs incurred to live elsewhere while your unit is being repaired.
  7. 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.

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