Protecting Your Valuable Amenities Insuring the Extras

 Most homeowners love the idea of having a swimming pool, athletic court or  health club as part of their association's grounds because it adds value to  their property and it gives them something fun to do throughout the year. But  HOAs that offer these types of facilities may need to have supplemental or  additional insurance to cover the potential hazards that come with deluxe  amenities.  

 Insurance Concerns

 When it comes to potential high-risk amenities like pools and gyms, basic  liability coverage just doesn't do the trick. All insurance policies are not  created equal, and getting proper coverage for your association's amenities is  crucial.  

 "Anything that the association provides is an issue," John Hegarty of  Commonwealth Insurance Partners in Quincy, Massachusetts. One association he is familiar with, he says, provides a woodworking shop. “It’s a nightmare. It’s entertaining for the people who live there,” but providing insurance for such a venture is expensive, he says. Associations  that provide day-care areas, or that actually own golf courses also face  liability issues, and, therefore, potentially large insurance bills.  

 “It’s all about what an association is willing to pay for,” Hegarty notes.  

 The Deep End

 The amenity that makes association boards nervous, and which can raise an association’s premiums significantly, is the swimming pool. Since pools are also one of the most popular amenities,  boards need to be aware of the insurance issues involved.  

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