What it does
Adds loss assessment coverage for earthquake losses to association property, with its own limit and a percentage deductible.
Who needs it
Condominium unit owners and association members in earthquake-exposed areas.
Key provisions and limits
- A deductible equal to a percentage of the limit, with a dollar minimum, typically applies.
Quoting and selling notes
- Pair with HO 04 54 when the client also wants earthquake coverage on the unit itself.
Editions and availability
Editions in use and where they apply: 03 22 (42 jurisdictions); 05 11 (9 jurisdictions: AL, CA, CT, GA, HI, LA, TX, VI, WA); 10 00 (1 jurisdiction: PR).
Homeowners endorsements are built for a specific program edition. When a carrier moves a state from the 2011 (05 11) program to the 2022 (03 22) program, the endorsement editions move with it, so match the endorsement edition to the policy form edition shown on the declarations.
