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Request for Condominium Unit Owner
Certificate of Insurance For unit owner's building condominium association
***The Illinois Condominium Statue states that
the insurance must be in the name of the board of directors who
act as trustees for the unit owners. The board, not the insurance
company, is responsible for all notification to the unit owners
and mortgagees of cancellations, non-renewals, etc.
In
the event of a loss ,all proceeds must be paid to the board
because they are legally the trustees, therefore, the mortgagees
should not be listed on the policy under any circumstances. The
unit owners and the mortgagees give their pre-emptive rights to
the board as trustees. |