Insight Board Member by Geri Matraia yourassets Determining the Right Coverage for the Association property that you insure. However, it is far from simple, particularly with respect to condominium owners and condominium associations. One example that illustrates the complexity is the fact that we are insuring an elevator on our property despite the simple fact that we don’t cover T he word insurance seems simple enough to understand, right? You agree to pay a certain amount of money to an insurance company upfront in return for the peace of mind that comes from knowing that the insurance company will pay for loss or damage to the have one. Frankly, I resent insuring an elevator that we don’t have. A friend of mine used to work in the insurance industry and every time I ask her a question — like why are we insuring an elevator that we don’t have — the answer usually is “because that’s how it is.” In the case of the 42 CONDO MEDIA • APRIL 2011