1. Forms
  2. CP
  3. CP-00-17

What it does

CP 00 17 is the version of the Building and Personal Property form built for a condominium association. Like CP 00 10, it is used with a Causes of Loss form and the conditions forms. The Building definition is tailored to condominiums. It includes fixtures outside the individual units, and personal property the association owns to maintain the building (outdoor furniture, floor coverings, common-area appliances). If the Condominium Association Agreement requires the association to insure them, it also covers fixtures, improvements and alterations and certain appliances inside units, whoever owns them.

Your Business Personal Property means property the association owns, or that all unit-owners own indivisibly. It does not include personal property owned only by a unit-owner. Personal Property of Others in the association's care is also available.

Key provisions

  • The Additional Coverages and Coverage Extensions mirror CP 00 10: debris removal, preservation of property, fire department service charge, pollutant clean-up, increased cost of construction, electronic data, newly acquired property, outdoor property, and the rest.
  • Condominium-specific loss conditions include a Unit-owner's Insurance provision and a Waiver of Rights of Recovery against unit-owners, so the carrier does not subrogate against an owner whose unit started the loss.
  • Vacancy, coinsurance and the optional coverages (agreed value, inflation guard, replacement cost) work as in CP 00 10.

Who needs it

Condominium associations for residential, office or mixed-use condominiums. Read the declaration and bylaws to find out whether the association must insure "bare walls", "single entity" (original fixtures inside units) or "all-in" (including owner improvements). That decides whether the unit-interior property in the Building definition applies.

Quoting and selling notes

  • Get the governing documents, values per building, and any lender requirements on coinsurance or agreed value.
  • Coordinate with the unit owners' coverage. Commercial unit-owners use CP 00 18, and residential owners use a homeowners unit-owners form.
  • Consider ordinance or law (CP 04 05), equipment breakdown and sewer backup (CP 10 38) for common systems. Directors and officers coverage for the board is a separate policy.