La Princesa Tower Coverage
As required in Section 12 of the CC&R's the Association carries insurance to cover all common areas and property owned by the Association, General Liability coverage, and Director's and Officer's coverage. The disclosure form and the current certificate of Liability for you to present if needed are listed below:
The California Earthquake Authority is a publicly managed, privately funded organization created in 1996 to provide earthquake coverage to California homeowners through participating Insurance providers. If you're interested in learning more you can visit their website at https://www.earthquakeauthority.com/
As of 2020, CSCA #10 does not carry earthquake coverage for the common area. Any owners interested in coverage are free to obtain in their own insurance. An earthquake anchor policy, MOTUS, was approved by the Board of Directors on November 22nd, 2019. You may fill out the application below to sign up for the coverage which fits your needs. This anchor policy is meant to cover an owners separate interest in the case of an earthquake, including any special assessments up to the coverage amount that are levied against all owners should a quorum choose to rebuild. If you have any questions about the coverage you can reach out to MOTUS. Their contact information is on the attached application.
Homeowners Coverage (HO6)
All owners are required to hold Homeowners Insurance Coverage for their private property. Currently, the CC&R's only require dwelling coverage, but we recommend that all owners also carry a minimum of $1,000,000 in liability coverage. There is not a current minimum requirement. See the CC&R excerpt below for what is required:
Section 12.5 Rights and Duties of Owners to Insure. It is mandatory that each Owner maintain insurance for the contents in their Unit and any other item which the Association is not obligated to maintain or repair, including but not limited to, the insurance proposed in this Article XII. However, any such policies shall include a waiver of subrogation clause acceptable to the Board of Directors and to any first Mortgagee.
Section 12.6 Payment of Premiums and Deductible. Insurance premiums for the master policy shall be a common expense to be included in the monthly assessments levied by the Association. Each Owner shall be responsible for payment of any deductible amount for any loss to his or her Unit or component which he/she is responsible to maintain.
Association Contractor Coverage
All contractors performing work for the Association are required list the association as an additional insured and hold the following minimum coverage amounts:
$1,000,000 General Liability - Each Occurrence
$2,000,000 General Liability - General Aggregate
$1,000,000 Comprehensive Automobile Liability
$ 500,000 Employers Liability - Each Accident
$ 500,000 Employers Liability – Disease Policy Limit
$ 500,000 Employers Liability – Disease Each Employee
The Front Desk Staff maintains a list of association vendors, their current licenses, and current insurance coverage. Any vendors wishing to work for the association can view the following example policy to get an idea of what is required:
Homeowner Contractor Coverage: All vendors/ contractors hired by a homeowner are considered in the state of California to be the homeowners employee. The homeowner is ultimately responsible to ensure their employee is carrying the proper licensing, liability, and workers compensation insurance. The association cannot be held liable for work performed by unlicensed contractors hired by homeowners.
For Your Information
Flood Zone Information: El Cabrillo, La Sierra, Las Palmas, Las Flores and El Camino remain outside of the Special Flood Hazard Areas (SFHA).
La Playa, La Perla, El Encanto, El Mirador and La Princesa, in addition now to the Roader Pavillion and Beach Clubs, remain out of the SFHA as well, with a more clear map issued with modern satellite imagery.
As a reminder for homeowners, when a Condominium Building is Not Located in a SFHA, owners may elect to purchase flood coverage separately. The Associations are not Obligated by Housing and Urban Development (HUD) or the Governing documents to provide Flood Insurance Coverage.
Emergency Systems Information: La Princesa Tower is equipped with the following safety equipment:
- A fire sprinkler system in all units and common areas maintained and certified by Symons Fire Protection, Inc. The sprinkler system is inspected yearly.
- Two Fire Extinguishers per floor inspected monthly by staff and yearly by Highland Fire Equipment Company
- A smoke Alarm system in all units and common areas maintained by Dialcom Systems Group, Inc. and monitored 24 hours a day by Central Monitoring Corporation.
- An AED is housed on the upper lobby floor by the elevators. It is inspected monthly by staff and maintained by AED Total Solutions.
- The Front Desk staff is on location 24/7 to monitor access. L&R contracts with GMI Integrated Facility Solutions to secure access to the gated Coronado Shores Community.
Disclaimer: This insurance section is provided by the Association Staff. In all instances you should consult with your own insurance agent regarding proper and applicable insurance coverage for your property and possessions.