As electric vehicles grow in popularity and unit owners purchase these vehicles, association communities may need to plan for electric charging stations. If your community has plans to allow owners to install stations or wants to install them for the community, here is a general guideline on the insurance perspective for EV stations.
Insurance carriers ask communities to make considerations to protect the property from liability. These considerations include the following:
- The value of each EV station needs to be included in the replacement cost amount on an insurance policy. Make sure your agent knows the amount and receives direction to adjust the policy.
- Installation contractors need to be vetted by the Board and possibly by legal counsel if questions arise. A well written contract must be in place. The association must be included as an additional insured, regardless of the contract being in the owner’s or association’s name.
- Supporting documentation needs to be drafted to outline installation, maintenance, and insurance requirements. When ownership changes occur, expense considerations need to be made for installation and operation.
Every community dynamic is different and creates various factors to consider. Discuss the community’s options with legal counsel. The association needs to reduce liability risks in common areas. Associations should not allow charging cords to stretch across surfaces and create a trip hazard. The goal is to create sustainable solutions for the growing electric vehicle community.
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