FAQ ID # 196 - I have many condo associations and they often have detached garages and pool houses. Can you rate these with the condo buildings or must they be rated separately as Other Buildings? The special class tab does not include these anxillary buildings as a special class but they are not the same CSP code so should not have the same rating factors as the residential buildings. How should they be rated?

FAQ ID # 196

Last Update : 2009/09/09
Rating : Not Rated

Question / Issue

I have many condo associations and they often have detached garages and pool houses. Can you rate these with the condo buildings or must they be rated separately as Other Buildings? The special class tab does not include these anxillary buildings as a special class but they are not the same CSP code so should not have the same rating factors as the residential buildings. How should they be rated?

Answer / Solution

Fully enclosed buildings should be rated on the Policy tab as a building - they will be considered an Auxiliary buildings and rated using the rate tables depending on the type of property the main buildings are (Condos, Apartments, HOA). In Multi-Peril the only items that can be insured as Special Class property are open sided structures such as Carports or cabanas, etc and Pools.

Direct Link to This FAQ

http://www.itcdataservices.com/support/trfaq/?f=196

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