What types of insurance are required or recommended?
PHAs are required or recommended to purchase these types of insurance if the PHA determines that exposure to the risk exists. • Commercial Property. Mandatory. Each policy must be written with a blanket limit, on a replacement cost basis, and with an agreed value clause that eliminates any coinsurance provision. • Commercial General Liability. Mandatory. • Workers Compensation and Employers Liability. Mandatory. • Owned and Non-Owned Automobile Liability. Mandatory. • Theft, Disappearance, and Destruction. Mandatory only if the amount of cash and checks on hand at any one time exceeds the amount prescribed by HUD, which is currently $5,000.00. • Employee Dishonesty. Mandatory. • Boiler and Machinery. Mandatory only if steam boilers have been installed. However, coverage is recommended if there is extensive central air conditioning, electrical transformers, or similar equipment. • Flood. Mandatory only for property located in a flood plain, as determined in the Federal Government’s Nati
