As a condo association, your board has worked hard to maintain a certain standard. That could include the caliber of homeowner. In fact, in a few cases, condo associations have stepped in just as a condo owner is about to close the sale and exercise what’s known as “first right of refusal.” That is, the board will instead offer to buy the property instead of the buyer who has already lined up to purchase the condo. While the practice is much less used in a condo association setup, those people trying to sell through a cooperative association have one very large roadblock to overcome. Read more…
Flickr photo credit: everdred
[technorati tag afeuck6w4j] With hurricane season in full swing and hurricanes now kicking up throughout the Atlantic, condo associations might want to review and update emergency plans before facing a possible evacuation or shelter situation. If your property is located within a hurricane, tornado, or flood zone, it would be wise to review and reiterate to their residents what emergency plans are in place and what residents can expect during an emergency.
Prepare a list of actions for your residents to take in the event of an emergency. Some of the necessary information includes:
- Updated residency status/contact information throughout the year. For instance, if your residents typically travel for work, encourage them to let someone in the office know of their whereabouts in case of an emergency. Read more…
Flickr photo credit: aprilzosia
Even if your condominium or apartment complex is located outside California, you’re still facing an earthquake risk. That’s because all 50 states to date have been hit with earthquakes, and 39 states have suffered losses, according to the California Earthquake Authority. More than 5,000 earthquakes hit every year, and losses can be devastating. The San Francisco earthquake in 1906 caused $235 million in damages (an amount equal to $5.1 billion today).
So who insures the risk in the condo association world? Are condo associations responsible, or do unit owners bear the burden of insuring against earthquake damage? Read more…
Flickr photo credit: Robert S. Donovan
The question arises every summer – should you allow your residents to grill on the property premises? If you’re wondering how a contained grill can cause problems, consider this: Over 500 fires occur annually thanks to gas grill usage. Charcoal is no safer – over 20 deaths and 300 injuries occur each year thanks to charcoal and the related carbon monoxide poisoning threat it poses.
In condos and apartment complexes the risk increases. Your residents may not consider that dripping grease, nearby flags or plants, or even an open window into their own unit can create fire and carbon monoxide dangers. If you’ve banned them from use on balconies or attached patios/porches, you’ve gone a long way to preventing a devastating fire or accident.
But what about using grills on the property? Most loss control experts say that a minimum of ten feet away from any building is recommended. Should you allow your residents to use grills in common areas, such as on common patio areas or around pools? Read more…
Flickr photo credit: beancounter
Ten Business Insurance Renewal Reminders – “Let Us Know”
To insure a Home Owner or Condo Association is to worry – if you’re worried about whether or not something may need to be covered, let us know.
1. Read your policies, paying attention to the limits, conditions, and exclusions. If you have questions or concerns, let us know.
2. Liability limits can be increased – if you’re concerned, let us know.
3. Commercial General Liability (even with an Umbrella) doesn’t cover all types of claims. If you’d like to discuss Employment Practices Liability, Directors & Officers Liability, Fiduciary (ERISA) Liability, Professional Liability, International Liability, Cyber-Liability or other types of protection, let us know.
4. Selecting adequate Property insurance limits is your responsibility – if you underinsure, there can be coinsurance penalties and/or you’ll come up short after a serious loss. Replacement Cost requirements have nothing to do with Market Value or Book Value – what would your building(s) and contents cost to replace, brand new, if destroyed? Read more…
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