Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Application Question 2-4. Rest Easy Homes is an age fifty-five-and-over community of attached homes in clusters of two to six homes with a clubhouse and
Application Question 2-4. Rest Easy Homes is an age fifty-five-and-over community of attached homes in clusters of two to six homes with a clubhouse and pool, and has an assisted living and skilled nursing care facility within the grounds of the community. The residential units and the clubhouse and pool are a combined ownership real estate development project designated as a planned unit development. The plan documents and bylaws stipulate that unit owners and association interests are to be based on a bare-walls concept. The homeowners association is responsible for insuring the common property and property outside the bare walls of each unit. The Rest Easy homeowners association sponsors a quarterly hobby show in its clubhouse. At its November show, a fire broke out in the clubhouse kitchen that caused damage to the clubhouse walls, ceiling, and kitchen appliances. In addition, some of the unit owners who had provided their own tables and screens in the adjacent activity room to help organize the show suffered damage to their property. a. Describe which of the specialized commercial property coverage forms provides coverage for this hypothetical loss of property. b. Describe which property provision of the Condominium Association Cov- erage Form would cover the clubhouse damages and appliance damages. C. Describe which property provision would cover the unit owners' property damage. Application Question 2-4. Rest Easy Homes is an age fifty-five-and-over community of attached homes in clusters of two to six homes with a clubhouse and pool, and has an assisted living and skilled nursing care facility within the grounds of the community. The residential units and the clubhouse and pool are a combined ownership real estate development project designated as a planned unit development. The plan documents and bylaws stipulate that unit owners and association interests are to be based on a bare-walls concept. The homeowners association is responsible for insuring the common property and property outside the bare walls of each unit. The Rest Easy homeowners association sponsors a quarterly hobby show in its clubhouse. At its November show, a fire broke out in the clubhouse kitchen that caused damage to the clubhouse walls, ceiling, and kitchen appliances. In addition, some of the unit owners who had provided their own tables and screens in the adjacent activity room to help organize the show suffered damage to their property. a. Describe which of the specialized commercial property coverage forms provides coverage for this hypothetical loss of property. b. Describe which property provision of the Condominium Association Cov- erage Form would cover the clubhouse damages and appliance damages. C. Describe which property provision would cover the unit owners' property damage
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started