On Master Policy and the Deductible.
How we are covered
Our current condominium master insurance is obtained from PT Phelan and covered by Greater New York. Master policy provides “all-in” coverage, meaning that everything attached to the building would be insured by the policy. It provides coverage to replace common elements or a unit to the condition it was in at the time of the loss. With this approach, the unit owner is responsible for covering only his or her personal property under the unit-owner insurance HO-6.
But, who pays the deductible?
With an all-in policy, the deductible for a common area claim is obviously the responsibility of the condo association and drawn out of common expense. If a unit suffers interior damage and the unit owner desires to file a claim with the master insurance, then the owner of the unit that suffers damage is responsible for the master policy deductible. If several units suffer damage, the deductible will be apportioned among them, based on the size of their claims.