To download a PDF file of The Oakton's master policy insurance certificate, click here.

The governing instruments for The Oakton Unit Owners Association require that certain amounts of insurance be obtained for the condominium.  Each building including the units is covered by fire and property damage insurance. The coverage is "all risk" and in the amount equal to full replacement cost of the building (except for items not normally insured), subject to "deductible" limits.

The blanket condominium policy covers your unit in the condition and status it was in with the developer first conveyed title to the unit. The policy does not cover the contents such as your furnishings and personal items, and does not cover betterments and improvements. Betterments and improvements means generally, those items that are fixed in nature (such as wall finishings, fixtures, floor coverings and cabinets) that are installed by a unit owner. Contents and betterments and improvements coverage is normally written on a depreciated rather than replacement cost basis. Antiques, precious jewelry, and fine art are not usually included in this type of coverage.

The association and individual unit owners are insured against liability arising from ownership or use of the common elements. This coverage does not insure an individual unit owner against liablility arising from an accident or injury within his unit or liability arising from willful or negligent act or omission of the unit owner in either a unit or upon the common elements. The board of directors also maintains appropriate workmen's compensation insurance as necessary and fidelity coverage to protect the association's finances.

Unit owners may carry at their own initiative and expense, the following insurance policies:

In no event shall any recovery or payment under the insurance coverage obtained and maintained by the association be affected or diminished by insurance purchased by individual owners or mortgagees. For more information, refer to The Oakton's Declaration, Article 8 and Article 6 in the Bylaws.