Common elements are owned by and benefit all members of the association. Land, parking lots along with each building's structural foundations and load-bearing walls are examples of common elements. Also included in this definition are club houses, pool houses, pools, fences, gates, playground equipment, tennis courts and other property owned and allocated to all unit owners. Not all property categorized as a common element is insurable in standard property policies, but most can be scheduled.
Condominium Association Common Elements
September 2, 2008
by Christopher J. Boggs, CPCU, ARM, ALCM
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