25-26 UO Letter - Single Entity

Mountain West Insurance & Financial Services, LLC

Colorado Office Locations: Alamosa | Bayfield | Craig | Durango | Edwards | Englewood | Frisco | Glenwood Springs | Granby | Grand Junction | Gunnison | Kremmling | Montrose | Pagosa Springs | Steamboat Springs | Westminster

New Mexico Office Location: Farmington

Mountain West Insurance & Financial Services, LLC
201 Centennial St. 4th Floor, Glenwood Springs, CO 81601
(800) 390-0559 toll-free
(970) 945-9111 office
(970) 945-2350 fax
www.mtnwst.com

10/10/2025

RE: Benchmark Condominium Homeowners Association dba Westlake Village Condominium Association, Inc.

Dear Unit Owner:

We appreciate the opportunity to place the Master Association Insurance Policy for Benchmark Condominium Homeowners Association dba Westlake Village Condominium Association, Inc., and we look forward to servicing the Association's insurance needs for this coming year. We believe we bring the best value to our Association clients and that is a combination of comprehensive coverage at very competitive premiums.

The Association's Master Insurance Policy has been written to comply with the insurance requirements outlined in the Association Declarations.

The Association is to insure the following:

• Common Elements (buildings, structures and common areas)
• Limited Common Elements (outdoor decks, patios, etc.)
• Property included in units which were initially installed in accordance with the association's original plans and specifications

AN IMPORTANT INSURANCE REMINDER FOR ALL UNIT OWNERS:

Owners are responsible for insurance on the following:

• Any building improvements & upgrades installed in the units by previous or current unit owners
  (Do I have adequate limits to replace the interior surfaces as described in the decs & bylaws?)

• Contents – Furniture, Furnishings and other Personal Property
  (Do I have replacement cost coverage or actual cash value?)

• Loss of Rental Income / Loss of Use / Loss of Assessments
  (What limits are available? Does the loss assessment coverage apply towards an association deductible?)

• Personal Liability
  (Does my policy have rental restrictions? Does my umbrella extend to this policy?)

Please refer to the insurance section of the Association Declarations for further information regarding insurance requirements for both the Association and the individual Unit Owner.

Please send all insurance certificate requests you receive from your lender to assncert@mtnwst.com

If you have any questions or need any further clarification, please give me a call.

Sincerely,

Meghan Wilson
Meghan Wilson, CIC
Commercial Lines Agent

Association Residential Unit Owner's Insurance Coverage Fact Sheet

(Questions to ask your individual insurance agent)

Interior Building Coverage

The unit owner's policy can cover the portions of the unit interior which the owner is responsible to insure, per the declarations and by-laws.

Q. Do I have adequate limits to replace the interior surfaces as described in the decs & bylaws of the association?

Personal Property Coverage

The policy covers the personal belongings at the location of the unit, such as furniture, dishes, clothing, etc.

Q. Do I have replacement cost coverage or actual cash value?

Loss of Rental Income/or Loss of Use

In the event of a covered loss and the unit is found not fit to live in, the policy will provide coverage for additional living expenses (primary or secondary home) or loss of rental income (rental property) until the unit is repaired.

Q. What limits are available?

Loss Assessment Coverage

The policy will pay for your share of a loss assessment charged against unit owners as a result of a loss to the property owned by the association or for a bodily injury or property damage liability claim against the association. Loss Assessment coverage is subject to coverage and exclusions in the unit owner's policy. The policy may also provide some coverage towards the association deductible. It is recommended that the carrier allow full limits to be applied to the association's deductible.

Q. What limits are available? Can full loss assessment coverage limits apply towards an association deductible?

Personal Liability

The policy provides liability coverage in the unit. Coverage would apply if the unit owner is found to be legally liable for a claim of bodily injury or property damage. Most unit owner's policies can provide limits up to $500,000.

Q. Does my Umbrella policy extend to this policy? Does my policy have any rental restrictions?