What type of insurance is known as a broader coverage option for a condominium association?

The correct answer is the Condominium Association Form, which is specifically designed to provide broader coverage tailored for condominium associations. This form offers comprehensive insurance that protects common areas and the property of the condominium association itself. It typically includes coverage for the building's structure, as well as liability protection that covers the association against claims for incidents that occur in shared spaces.

The Condominium Association Form is crucial because it addresses the needs of multiple unit owners who share ownership of common areas, making it distinct from policies written for individual homeowners or renters. It facilitates risk management for the collective interests of the unit owners, while also ensuring that the association can maintain and manage the property effectively in the face of various risks.

In contrast, the HO-6 Policy is often used for individual unit owners and is tailored for personal property coverage within a condominium unit rather than broader association needs. A Commercial Property Policy typically applies to business properties and not residential or shared condominium environments. Common Area Liability focuses on liability but does not provide the comprehensive property coverage that a Condominium Association Form does, leaving gaps in the overall protection of the association’s assets.