Selling Guide

Published April 07, 2021

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How is the name insured shown on project insurance policies?

Named Insured

The table below provides the requirements regarding the name of the insured entity.

Coverage Type Requirement for Named Insured
Condo projects The policy must show the HOA as the named insured. If the condo’s legal documents permit it, the policy can specify an authorized representative of the HOA, including its insurance trustee, as the named insured. The “loss payable” clause should show the HOA or the insurance trustee as a trustee for each unit owner and the holder of each unit’s mortgage loan.
PUD common areas The policy must show the HOA as the named insured.
Co-op projects The policy must show the co-op corporation as the named insured.

See B7-3-08, Mortgagee Clause for Property and Flood Insurance, for additional requirements that pertain to the mortgagee clause requirements.

For additional information, see B7-3-04, Property Insurance Coverage for Units in Project Developments.

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