Colorado Community Association Manager Insurance Requirements
PLEASE NOTE THAT WE ARE UNABLE TO PROVIDE CRIME COVERAGE UNLESS YOU HAVE 5 OR MORE EMPLOYEES. WITHIN THE LAST 6 MONTHS (AS OF JULY 2018) THE MARKET HAS DISAPPEARED FOR CAM LICENSEES WITH LESS THAN 5 EMPLOYEES. WE HAVE CONTACTED OVER 20 INSURANCE COMPANIES AND NONE OF THEM ARE WILLING TO QUOTE. WE CONTACTED THE STATE BUT THEY WERE OF NO ASSISTANCE WITH THIS URGENT ISSUE. WE WILL UPDATE OUR SITE IF WE ARE ABLE TO FIND A SOLUTION.
Effective July 1, 2015 Colorado property managers have new insurance requirements. Every licensed Community Association Manager (CAM) company and licensed CAM sole proprietorship in the state of Colorado must have in effect a group policy of Errors and Omissions coverage and Crime coverage to cover all acts requiring a license. Orcutt Insurance Group will help your entity meet these requirements with one policy. Please contact us to discuss this coverage and your business.
The policy requirements are as follows:
Errors and Omissions (E&O) requirements:
- Carrier must be licensed and authorized by the Colorado Division of Real Estate to write policies of Errors and Omissions in Colorado
- The insurance carrier must maintain an A.M. Best rating of A- or better
- $1M/$1M limits
- 1st dollar defense requirement
Crime Fidelity Insurance Requirements:
- Carrier must be licensed and authorized by the Colorado Division of Real Estate to write policies of Errors and Omissions in Colorado
- The insurance carrier must maintain an A.M. Best rating of A- or better
- Limits and retention requirements are contingent on the risk
Please visit the Colorado Division of Real Estate for more information.
In order to provide a quote we will need applications filled out to send to the insurance company for quoting. The applications will be the first step of the quoting process.
Please feel free to contact us with any questions or if you need additional information. Also, please use our property insurance and general liability insurance pages for a resource as you discuss insurance with clients or potential clients.
Thank you for your consideration.
The Orcutt Group Team