Cooperative insurance

Cooperative insurance,

Definition of Cooperative insurance:

  1. For residential co-ops, this type of coverage includes burglary, fire damage, and liability, among others. Generally, a co-op building provides coverage for common areas such as the hallways, foyer, basement, roof, elevator, and common walkways. The co-op association's insurance policy generally protects the building, not the individual owners' apartments, unless the damage occurs as a result of something under the association's jurisdiction.

  2. Cooperative (or co-op) insurance is a type of property-casualty insurance for owners of co-op apartments (or other cooperative organizations). These policies generally cover losses to their building or individual units.

  3. A policy issued by an association, for example, a trade union.

How to use Cooperative insurance in a sentence?

  1. Any member-owned organization can offer cooperative insurance.
  2. Cooperative (co-op ) insurance is offered by co-op organizations to cover loss or damage to units.
  3. The most common sort of cooperative insurance is property insurance for residential co-ops, and it covers the common areas of the building.
  4. Health cooperatives are formed to offer health insurance.

Meaning of Cooperative insurance & Cooperative insurance Definition