HOAleader.com - Tip of the Week - October 25, 2008
Published: Sat, 10/25/08
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HOA Finances: Even in Tough Times, Don't Scrimp on Insurance
We recently spoke to a number of leading HOA advisors across the
country about best practices for getting your homeowners
association through these turbulent economic times.
Eric J. Gould, an attorney with Couzens, Lansky, Fealk, Ellis,
Roeder & Lazar P.C. in Farmington Hills, Mich., advises clients,
"Make sure you review your insurance policy so your association
is adequately protected if something happens.
"With people stretched tightly already, coming back with a
special assessment to pay for something that could have been
covered by insurance could really push people over the edge.
You've got a fiduciary duty, and you don't want members to ask
whether you reviewed the insurance policy and shopped it around
or just renewed it.
"Make sure the protection is adequate and the cost is
competitive. And when you enter into contracts with service
providers, make sure they're also adequately insured."
Eric's advice is just one point in our brand-new 14-page special
report, "HOA Finances: Best Practices for Getting Your Homeowners
Association through Difficult Economic Times".
From now until Nov. 8, 2008, you can download a free copy as a
member or trial member of HOAleader.com.
Download your copy now:
http://www.hoaleader.com/members/179.cfm
Best regards,
Matt Humphrey
President
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