Great Lakes Shop Condo Product
NEW! This Concorde-designed product provides property coverage for warehouse-style Shop/Garage Condo Unit Owners using DP1 forms (including Condo-Unit owners form). Coverage is written through Great Lakes Insurance SE. A "shop condo" is a privately owned self-storage unit that is part of a larger complex where owners have the flexibility to customize the space to suit their lifestyle & preferences. It's becoming more common, and we can help!
Online Pricing Indications Product Guide (PDF)
Risk Characteristics & Eligibility:
- Values - $10,000-200,000
- Maximum TIV - $400,000
- Size - 1,000-3,000 SF
- Up to 40 Years of Age
- Protection Classes 1-10
- 139 Occupancies Eligible - See Product Guide for Complete Listing
- Personal Use Only - No Habitation or Overnight Stays Permitted. No Commercial Activities or Storage.
- Claims History: Up to 3 losses totaling $50,000 including 1 fire loss up to $25,000 (subject to underwriter approval)
Typical Unit Features:
- Unfinished warehouse-style space
- Concrete floor with or without epoxy
- Insulated, heated, fully finished spaces - can include loft space, kitchenette or bathroom alongside “hobby” area
- Electrical Service for the unit may be a 60 amp panel.
- Unit may have a 30 amp RV circuit.
- Access to common areas - clubhouse, green space, parking lot, tennis courts
- Frame construction - low to medium quality shell, siding can be vinyl
- Steel structure - metal roof, siding
For additional details or questions, please reach out to:
Commercial Agency Bill Team
800.726.1611 ext. 8994
commagencybill@cgains.com