Section 1. Insurance

FCHOA Bylaws - Revision Date: 2022-05-20

The Association shall obtain and maintain insurance coverage as set forth in Article XII, Section 2 below. In meeting this responsibility, the Association shall retain a professional licensed insurance agent or other expert in the field of insurance to enable it to decide the types of insurance and limits of coverage that are necessary and appropriate. 

All policies shall be written with companies licensed to do business in Virginia and holding a rating of A- or better in the Financial Category by A. M. Best Company, Inc., if available, or if not available, the most nearly equivalent rating. All policies shall be in the name of the Association and should include, as an additional insured, where appropriate, the Management Agent and the Members of the Association, but only with respect to their liability as a Member of the insured Association. 

The policies may contain a reasonable deductible, and the amount thereof shall be added to the face amount of the policy in determining whether the insurance at least equals the full replacement cost. Premiums for all insurance shall be common expenses of the Association. The Board shall review insurance coverage annually.