Sentences with phrase «shared portion of the damage»
When the Master Policy or Home Owner Association (HOA) policy covers a loss, but the damage exceeds coverage available in the HOA insurance policy, the members of the association and owners of the individual units may then become liable for their shared portion of the damage that the underlying association insurance was not sufficient to cover.
https://www.thebalance.com/ Not exact matches
On car insurance, your property (damage to your car) has a deductible because you share a very small portion of that risk.
As a condo owner, you are liable for your portion of costs associated with damages to the building and shared areas.
But on a more complex level, the collision portion of your auto insurance is responsible for the lions share of damage claims you are ever likely to make.