Legal Question in Real Estate Law in California
liability of condo Homeowners associations
Is there a law in california that protects a condo homeowner association with 50 units or less , and who carries liability insurance in the amount of $2 Mil,of any payments in excess of the insured limit.In other words is the liability caped at the limit of $2mil,or are the members of the association on the hook for any judgements in excess of the insured limit.
1 Answer from Attorneys
Re: liability of condo Homeowners associations
No. If the association is sued and a judgment is rendered for $3 Million, then the association would be responsible to pay the difference between what their insurer pays and the amount of the judgment.
This answer assumes, however, that the association's insurer has acted in good faith in trying to settle the matter, and has offered the policy limits on a bodily injury case, if that is the type of case we are talking about.
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