| In June 2009, the Maryland Condominium Act was changed to address insurance deductibles. The important part that affects every Maryland condominium owner is summarized below:
Up to $5000 of the master policy’s deductible will be the responsibility of the unit owner when the cause or damage originate from the unit. This is no longer a choice and this does not require a by-law amendment. Each unit owner is responsible up the first $5000 of damage that emanates from the unit. The deductible for losses that originate from a common element should still be paid by the Association as a common expense. It is very important that each individual unit owner verify with their insurance company that they have coverage for this “deductible shift”. If owners have questions regarding this matter, they can call the management company or contact their personal insurance agent directly. IMG is the agent for the master hazard and flood policies for the Starfish III, IV & V Condo Association. If you have a mortgage, your lender may need a certificate verifying the master policy's limits of coverage and naming them as a lender. If you or your mortgage company need a certificate, please click here, complete the form and then click on the "submit" tab at the bottom of the form. Should you have questions, please contact Reese Cropper at (410) 524-5700 or email him at rcropper@imgoc.com. For other information go to: IMG 109 77th Street Ocean City, MD 21843 410-524-5700 http://www.imgoc.com |
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| Starfish III, IV & V Condominium Association Insurance Information |
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