[59GS]

I sit on the board of a condo association. Yeah, I know. Another topic for another time. We're being asked to renew our EQ insurance, The improvements are replacement valued at $50 million. The policy coverage is $5 million AFTER we pay the first $15 million in damage THEN there is a 5% deductible and THEN they pay the 5 mil. The premium is $40 grand.

Looking at this in the cost/benefit context I fail to see the benefit. The 5 million appears to be only attainable if we have a catastrophic quake and no where allowing replacement to occur. Am I nuts, or should the vote be NO!.

Looking for a little sanity here. Any Insurance brokers or anyone live thru Northridge with some experiences. TIA to the Pelican brain-trust.