Definition of Cooperative insurance:
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.
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.
A policy issued by an association, for example, a trade union.
How to use Cooperative insurance in a sentence?
- Any member-owned organization can offer cooperative insurance.
- Cooperative (co-op ) insurance is offered by co-op organizations to cover loss or damage to units.
- The most common sort of cooperative insurance is property insurance for residential co-ops, and it covers the common areas of the building.
- Health cooperatives are formed to offer health insurance.
Meaning of Cooperative insurance & Cooperative insurance Definition