Special Pooled Insurance Program for Summerland Group Clients
Summerland Insurance Agency has arranged a special program of INS insurance for clients. We negotiated a master contract that will allow your condo or home to be "pooled" with all of our other clients who subscribe to the program. Because of the size of the insurance pool, INS will offer extra coverage and lower premiums to you, than it offers on an individual basis.
Understandings
INS is the only Costa Rican entity which can offer insurance to property owners at this time.
Summerland Group clients are being offered a special program, because the INS is familiar with the complexes and their management by the Summerland Group.
Summerland Group will be able to add new clients to the program without an INS inspection of each new unit.
Summerland Group will handle all matters related to the insurance including initial subscription, premium collection, filing of inventories and changes, and processing claims.
Any number of hazards occurring within a 72 hour period will be considered one "event" for calculating deductibles. Eg: multiple earthquakes
Once losses are paid, any recovered items become the possessions of the INS.
Contents insurance is identified separately, but pays the same rate as building coverage.
This policy is for your condo or home only. If relevant, your Association needs a separate policy for the common areas of your complex.
Hazard Coverage
INS Pooled Program
Individual Policy
Indemnification to full replacement value for all physical damage - Covered losses will be paid at replacement value.
Losses are reimbursed with deductions for depreciation.
The coverage is for ALL risks, with standard exclusions for wars, nuclear accidents, deliberate negligence, court judgments, etc, that are part of policies worldwide.
Risks are limited to only the coverage identified in the groups selected.
Automatic protection for new additions to the inventory for 20 days, prior to notifying INS.
No coverage
Allowances for debris removal after an event
No coverage
Allowances for recovery efforts related to professional fees, technical assistance, handling errors and omissions, restoring accounting records, restoring magnetic/electronic records, design work
No coverage
There is no coverage for liability
No coverage
Deductibles
INS Pooled Program
Individual Policy
For catastrophic events, 5% of loss with a $15,000 minimum
Determined by coverage
Non-catastrophic events, $7500
Determined by coverage
Condo Rates
INS Pooled Program
Individual Policy
Pooled Program - 0.445% of insured valuation, $100,000 coverage = $445 premium per year, all building sizes
4 story building - 0.525% of insured valuation, $100,000 coverage = $525 premium per year
3 story building - 0.485% of insured valuation, $100,000 coverage = $485 premium per year
2 story building - 0.445% of insured valuation, $100,000 coverage = $445 premium per year
Note: All premiums under either program are subject to the 13% sales tax.
Conversion
Owners with existing individual policies will be allowed to convert to the pooled program with a credit for the unused premium on the individual policy.
Summary
We are ready to enroll you or convert you immediately. Please consider what insured amount you would like use and the proportion of that which would be devoted to contents. People use different rationales in making this decision:
Some owners insure for market value, so they can receive the full value of their investment in the event of a total loss.
Other owners, who may not fear a total loss, insure for some portion of their investment value. It is a number each owner is comfortable with for losses due to probable hazards that would be less than catastrophic (fires, wind damage, etc).
Contact Us in Costa Rica:
Tamarindo - Sunrise Commercial Center #6
Tamarindo, Guanacaste, Costa Rica
Costa Rica Phone 011-506-653-1810
Costa Rica Fax 011-506-653-1815
Brasilito - Hitching Post #1
Brasilito, Guanacaste, Costa Rica
Costa Rica Phone: 011-506-654-5460
Costa Rica Fax: 011-506-654-5467
