Are all Association master/ fire policies the same? What about Association earthquake policies?

No. With respect to master/ fire insurance, there is a great deal of standardization in terms of the perils insured (most “Special Form” policies are virtually identical in terms of the covered causes of loss), but many coverage extensions have divergent sub-limits or limitations. For example, the coverage available for Sewer or Drain Backup, Ordinance or Law, Equipment Breakdown or Outdoor Property (to name a few) can be quite different from one policy to another. Carriers often have proprietary endorsements, that may expand OR limit coverage, based on their risk appetite and their individual filings with the Department of Insurance.

As for commercial earthquake insurance, there is far less standardization, and in many cases, the entire policy forms are proprietary in nature and unique to the facility from whom it is purchased. In some cases, it might be an earthquake-only policy; in others, it may include the perils of earthquake, earthquake sprinkler leakage (EQSL), and flood.

For BOTH master/fire and earthquake policies, the scope of the building coverage provided to the Association can and does vary. Depending on the carrier,
• The policy may provide only “bare walls coverage,” or
• It might insure the interior finishes only up to the kind and quality as those originally installed at the time of the project’s development (referred to as “original builders specs” coverage), or
• It may be an “All In” policy which includes affirmative coverage for permanently attached unit owner betterments and improvements, or
• It may defer to the Association’s insurance obligations*, as set forth in your governing documents, and only cover unit interior real property to the extent that the Association is required to insure such property. (*In rare cases, it may even look to the maintenance and repair obligations, which would likely translate to a “bare walls” policy.)

Finally, coverage for appurtenant property features (such as underground utilities, pools, paved surfaces, etc.) can differ by insurer as well, and of course this commentary is NOT exhaustive – insurance policies are detailed contracts, so there are myriad opportunities for diversity. Each policy, along with its forms and endorsements, should be reviewed carefully for a complete picture of its terms, conditions, limitations and exclusions.