Today, the majority of HOA insurance is handled by commercial insurance agencies whose expertise lies in other industries or personal insurance agencies who are not experienced in commercial coverage. Association boards experienced problems concerning lack of coverage or unnecessary policies when using these agencies, which they communicated to their team at Spectrum Association Management.
The owners of Spectrum Association Management decided to do something about this gap in service. Blue Lime Insurance Group was created to offer a unique solution to the issues homeowners associations have with finding appropriate association insurance. Here, we’re going to talk a little about Blue Lime and what it does.
What Is Blue Lime Insurance Group?
Blue Lime is an independent insurance brokerage that specializes in association-related insurance and risk management.
Additionally, Blue Lime works with highly competitive insurance carriers selected because their coverages have HOAs’ needs in mind, such as workers’ compensation policies that cover community volunteers. Through these partnerships, they can offer competitive and relevant policies.
Blue Lime is also an independent insurance agency (like most commercial insurance agencies) that can shop around for the best coverages for their clients, in contrast to personal lines captive agents, who can only sell insurance for their specific company.
What Does Blue Lime Offer?
Blue Lime’s purpose is to provide each association with coverage designed for its particular risks and exposures. They communicate with the board to discover the monetary value of the association’s assets and then create a specific plan tailored to that association.
In addition to offering expertise in association insurance, Blue Lime offers several services to their clients to keep policies up to date and assist board members in managing claims.
One example is their six-month continuation analysis. Halfway through the twelve-month policy, a Blue Lime agent will contact the association’s community manager or board (if self-managed) to verify that the information on file regarding the HOA’s assets is accurate.
This is vital information to obtain any time there is a change in the community’s assets, such as capital improvements, the addition or removal of assets, or construction projects. A continuation analysis not only updates current exposures, but also can result in faster quotes at renewal.
Blue Lime policy holders also receive a designated claims advocate. In the event of a claim, Blue Lime is the board’s advocate; they assist in reporting losses to insurance carriers and manage the claim until a resolution has been reached. This allows the board to focus on other pertinent issues.
This benefit goes beyond making board members’ lives easier; it also protects the association. For instance, if the insurance company provides an estimated cost to repair damage that is too high, it could increase the association’s rates when the policy is renewed. A claims advocate will work with the board to acquire a fair estimate, limiting an increase in premium at renewal.
Like your team at Spectrum, Blue Lime strives to provide services that are refreshingly different. Blue Lime considers itself an association management services company, like Spectrum, but one that just happens to provide insurance.
