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What's an unacceptable claims history, resulting in a non-renewal, for a BOP on a condo association? For example, I know 2 claims in 5 years is a common threshold for non-renewal for home insurance, but I don't know if commercial property underwriting has the same issues as home insurance underwriting.
This is a personal question, regarding the association policy for my condo building. We're with State Farm, and in Portland, Oregon, if someone is familiar with my local market.
We had a large repair job about a year ago, due to damage from gradual water leakage from a construction defect, which was not covered by insurance, but we had State Farm investigate the cause of the damage, and determine for themselves coverage did not apply.
About a month ago, we had a power outage and a water heater malfunctioned, resulting in water damage & mitigation. The unit owners policy is covering part of the building damage (the deductible), but we are trying to decide if we want to file a claim on the association policy or pay out of pocket.
Does anyone have experience with non-renewal for commercial property claims and is willing to share their knowledge?
This is a personal question, regarding the association policy for my condo building. We're with State Farm, and in Portland, Oregon, if someone is familiar with my local market.
We had a large repair job about a year ago, due to damage from gradual water leakage from a construction defect, which was not covered by insurance, but we had State Farm investigate the cause of the damage, and determine for themselves coverage did not apply.
About a month ago, we had a power outage and a water heater malfunctioned, resulting in water damage & mitigation. The unit owners policy is covering part of the building damage (the deductible), but we are trying to decide if we want to file a claim on the association policy or pay out of pocket.
Does anyone have experience with non-renewal for commercial property claims and is willing to share their knowledge?
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