A highly charged topic
With more and more Community Associations looking to install EV (electric vehicle) charging stations for residents who have electric cars, we thought we’d share a tidbit on how some of the insurance companies are addressing and rating this with regard to the premium they are charging.
- They would rate for the Electronic Vehicle charging station as Business Personal Property
- They would require that the Association provide them with the rules and regulations that the Association has put into place, along with all the specific safety measures
- The Association would need to show proof of qualified electricians and/or companies that specialize in this installation who are performing the work
- They would require a copy of the ongoing maintenance plan
These EV charging stations are popping up not just in rural areas but in the cities as well. We already have clients who are insured for them within the NYC limits.
There are three main ways to charge a vehicle, Level 1 – Level 2 – and Level 3 DC fast charging. Whichever is chosen to be the right one for your Community Association, be sure to let your insurance broker know that you are installing one, so they can notify your insurance carrier and be in compliance with any requirements they may have.
As always, reach out to us with any questions.
