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Friday, May 15, 2009

Hey Maryland Condo's`

You have a new rule about listing every item in the unit for the purpose of insurance

Condominium associations and insurance agents were left scrambling when the Maryland Court of Appeals recently ruled against a long-standing insurance practice for insuring condominiums. Insurance Agents & Brokers of Maryland is working to resolve the issue via an agreement among affected parties.

The court held that the Maryland Condominium Act does not require the condominium association’s master insurance policy to cover damage to an individual unit. Instead, it would be covered by an owner’s individual policy.