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Canner Law

Residential Real Estate LawBuyer RepresentationSeller RepresentationCondominium LawLandlord/Tenant Law

Ordinance of Law Coverage for Master Insurance Policies

Ordinance of Law Coverage for Master Insurance Policies

Many lenders are now requiring that in older buildings, Condominium Association’s carry “Ordinance of Law” insurance coverage.  Failure to obtain the coverage can delay or imperil a closing.  Ordinance or Law coverage is extra coverage that pertains to the added cost of rebuilding, by enforcement of ordinances or laws regulating construction and repair of damaged buildings.  Older structures that are damaged may need upgraded electrical, heating ventilating, HVAC and plumbing based on city codes.  The lowest limit available is $25,000.  There is typically an additional premium to add to the existing coverage.

Since it is the Buyer’s lender that is requiring the change and the Association has never had to address the issue, there is work involved to educate the Trustees about the necessity of the added coverage.

One insurance agent I contacted highlighted the importance of ordinance of law coverage, stating “[p]lease understand this is extremely important coverage. I’ve recently seen two claims where owners were assessed several thousand dollars due to a building code issue resulting from a claim.”

updated: 1 month ago

New Back Bay Office Opening!

New Back Bay Office Opening
Canner Law & Associates, P.C. is pleased to announce the opening of our new Back Bay office space, located at 359-361 Newbury St., 5th Floor, Boston, MA. We will better able to service our Boston clientele and provide a convenient closing location.

If you are in the area, please stop by for a cup of coffee to check out the space and talk real estate!

updated: 7 months ago