A condo development suffered a severe fire damaging 8 or 9 Units. Five were a total loss with the remaining suffering smoke and water damage. The building claim covered under the Association's policy is in excess of 4 million.

Here is the question. The Ins Co at the time of the loss decided to nonrenew. Rebuilding of the damaged units is now underway, and the Association's broker had to find a new insurance company. Not easy.

The Association's premium before the fire was around $60,000.00. By the way, this covers 68 units. The new premium being charged by a company willing to take the risk with an open claim and ongoing construction is charging a premium of $336,000.00.