Foxboro Coventry Towns Insurance


In accordance with the “Declaration of Condominium” for the Foxboro Coventry Towns condominium project, and pursuant to Utah Code Annotated Section 57-8-29 (2000), the Association’s Management Committee has obtained insurance to protect against loss or damage by fire and other hazards for all Common Areas and Facilities, and all buildings that contain more than one unit. This insurance is provided as required by Utah Law “without prejudice” to the right of each Unit Owner and Resident to insure his own Unit and property for his/her benefit.

The Management Committee has obtained a hazard insurance policy through Travelers Insurance to provide coverage to the Association as stipulated in the Declaration of Condominium. This coverage includes, but is not limited to:

  • Property Insurance is a “walls-in” policy that covers all structures, permanent attachments, and betterments to each unit;
  • Property Deductible has been set at $10,000. In the event of a loss amounts exceeding the deductible will be paid by the Master HOA policy. Amounts below the deductible will be assessed proportionately to the unit owners based on the percent of damage attributable to their individual unit;
  • Liability Insurance covering the common area, the Association, and its Members for damage or injury caused by the negligence of the Association or any of its Members or agents as it pertains to the Association as a whole, but does not extend to the individual unit or its owner. This liability policy provides a $1 million single occurrence bodily injury and property damage limit, and $2 million aggregate limit;
  • Directors and Officers liability or errors and omissions policy with a $1 million limit;
  • Fidelity Bond in an amount equal to or greater than three (3) months’ aggregate assessment of the Association dues to cover all non-compensated officers as well as all employees for theft of Association funds;

Additional/Optional Insurance
The Declaration of Condominium requires that “if any part of the Project’s improvements are in a Special Flood Hazard Area-which is designated (as high risk) on a Flood Insurance Rate Map (FIRM)-the Association shall obtain a master or blanket policy of flood insurance and provide for the premiums to be paid as a common expense.” A survey of the Foxboro Coventry Towns has determined that it lies within a “low” risk flood zone, and no master or blanket flood insurance coverage has been elected.

The Declaration of Condominium also requires that earthquake insurance shall not be required unless requested by seventy-five (75%) of the Members of the Association. A survey of the Members was conducted and only thirteen (13%) of the Members requested the coverage. This, along with the increase in the yearly premium and the increase to the deductible for earthquake coverage, no earthquake coverage has been elected for the 2010-2011 period.

Individual Unit “Condo-Owners” Policies
The Management Committee recommends that each Association Member/Unit Owner obtain a Condominium Owner Policy (HO6) to protect their personal assets that are not generally covered by the Master Condominium Policy. It is also highly recommended that each Association Member/Unit Owner obtain “Loss Assessment” coverage as part of their Condominium Owner policy. This HO6 policy should carry a minimum of $10,000 dwelling coverage and/or loss assessment coverage to cover the unit owners’ individual assessment in the event of a claim that does not meet or exceed the Master Policy deductible amount. The purpose of an individual Condo-Owner’s policy is to replace personal property and/or reconstruct the interior unit in the event of a loss due to a covered peril or theft; and, to provide personal liability protection for the unit owner. In addition, a Condo-Owner Policy can provide a “loss of use” benefit in the event there is damage to the unit and the insured has to temporarily obtain living arrangements elsewhere while his unit is being reconstructed.

Requests for Evidence of Insurance
If your mortgage company needs evidence that your unit is covered under the Master Condominium Policy please ask them to fax a request to Rechtenbach insurance at (866) 892-5641 or call Jerry directly at (801) 971-6726.

Our Insurance Agent is:

Jerry W. Rechtenbach
(801) 971-6726
Fax (866) 892-5641
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