noun
master policy
In plain English
The condo or HOA association's policy that covers shared structures and common areas. Your HO-6 covers everything inside your unit and gaps the master leaves.
Two flavors: 'bare walls' (covers exterior shell only — interior walls, fixtures, cabinets are yours) and 'all-in' (covers original interior construction up to original spec). Always ask which yours is — your HO-6 limits depend on it.
What it covers
Building structure of the condo, common areas, association liability, and (often) certain interior building items depending on whether it's bare walls or all-in.
What it does not cover
It does NOT cover unit owners' personal property, liability, or upgrades beyond original construction. That's HO-6 territory.
Where it trips people up
Loss assessment from the master's deductible can be charged back to unit owners. A $25K master deductible spread across 50 units = $500 each — make sure your HO-6 has loss-assessment coverage to absorb it.
The technical version
The condominium or homeowners association's commercial property and liability policy covering common elements and association exposures, with coverage of unit interiors varying by 'bare walls' versus 'all-in' wording.