Handling Claims Under the Georgia Condominium Act
by Bob Caspar, PA, March 2017
They are everywhere! In the heart of Buckhead, out in the countryside, at the tops of mountains in Blue Ridge and along our beautiful Georgia Coastline. CONDOMINIUMS! CONDOMINIUMS! CONDOMINIUMS!
Everywhere you look another condominium is springing up just around the corner. So you better know a little something about handling their insurance claims.
The dictionary defines a condominium as:
a multiple-unit complex, an apartment house, or office building, units of which are individually owned, each owner receiving a recordable deed to the individual unit purchased, including the right to sell, mortgage, etc. that unit and sharing in joint ownership of any common grounds, passageways, etc.
Under section §44-3-71 of the Georgia Condominium Act the definition states:
“Condominium” means the property lawfully submitted to this article by the recordation of condominium instruments pursuant to this article. No property shall be deemed to be a condominium within the meaning of this article unless undivided interests in common elements are vested in the unit owners.