Loss assessment definition
Loss assessment means an assessment charged by an association of owners against all property owners in a common interest development that is properly and legally made as a result of a loss to structures or other real property contained within that common interest development, and those structures or other real property are owned by one or any combination of the following three categories: (i) all members of the association of owners collectively, (ii) the association of owners, or (iii) you.
Examples of Loss assessment in a sentence
Loss assessment coverage provides a source of funds to cover the Owner’s pro-rata share of any deductible under the Association’s master policy of casualty insurance and any Special Assessment liability of an Owner for losses to the Owner’s Townhome Residence that are not covered under the master policy maintained by the Association pursuant to Section 9.01(b), above, or the Owner’s individual insurance policy.