HOAleader.com - Tip of the Week - September 4, 2009
Published: Fri, 09/04/09
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HOA or Condo Insurance Checkup: Review Your Governing Documents
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This week's tip comes from a new article, "HOA and Condo
Insurance: 5 Tips to Double-Check Your Association's Insurance
Coverage" (http://www.hoaleader.com/members/332.cfm).
"Read carefully the [insurance] requirements of your own
governing documents," advises Robert Galvin, a partner at Davis,
Malm & D'Agostine PC in Boston who specializes in representing
condos and co-ops. "Occasionally, I find an association that
didn't follow the requirements of its own documents. For
example, one high-rise condo in a city near Boston didn't even
have a condo association policy. It had an apartment building
policy."
That said, it may be smart to consider easing your
association's insurance requirements. "Some associations have
coverage that's more expansive than the law requires, and that's
based on their governing documents," explains Matthew A. Drewes,
a partner at Thomsen & Nybeck PA in Edina, Minn., who represents
associations. "You might want to amend your documents to provide
for less inclusive coverage.
"For example, some have an all-in policy, which covers the cost
to replace everything inside a building. That could be converted
to bare-walls coverage, which covers only the cost of replacing
the structure to the bare walls. If you're being cost-conscious
in terms of premiums, that's a way you could save money. In
addition, if you require owners to carry HO6 policies, which are
policies specifically geared for condo owners, it makes sense to
reduce the association's coverage to bare walls."
To get all the condo and HOA insurance checkup tips, see our new
article: http://www.hoaleader.com/members/332.cfm
Best regards,
Matt Humphrey
President
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Recent articles posted at HOAleader.com:
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Recalls, Part II: If You Must Do a Recall Vote, Read This First
In November 2008, a California appellate court held invalid an
association's requirement that director recalls required a 60
percent supermajority of the association's total voting power.
Here's what you need to know about that case even if your
association isn't in located in California, along with tips on
how to properly conduct a recall vote. If you're a board member
who has gotten wind of a potential recall effort in your
community, you'll find advice for you too.
Click here to read full article:
< http://www.hoaleader.com/members/333.cfm >
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HOA and Condo Insurance: 5 Tips to Double-Check Your Association'
s Insurance Coverage
It's time for an insurance checkup so you can determine whether
your condo or homeowners association's policy provides the right
coverage and whether you can save money. Here are 5 tips on
double-checking your coverage.
Click here to read full article:
< http://www.hoaleader.com/members/332.cfm >
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How Should Your HOA Deal With Developers' Improper Promises?
Discussion Forum Follow-Up
A frequent thread on the HOAleader.com discussion forum deals
with the all-too-common problem of associations that are left
holding the bag after developers have bent the rules by making
promises that violate the association's governing documents.
Developers tell potential buyers they'll make an exception to
association rules to close a deal. Then, after the developer
turns the property over to an independent board, the new board is
left trying to explain why some owners can break the rules while
other owners have to follow those same rules. What can be done?
Click here to read full article:
< http://www.hoaleader.com/members/331.cfm >
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Your HOA Board Has Been Defamed; Should You Sue?
For this week's tip we spoke to Robert Galvin, a partner at
Davis, Malm & D'Agostine PC in Boston who specializes in
representing condos and co-ops.
What should your board do if you are dealing with angry
homeowners whom you think cross the line into defamatory
comments? Can you p
Click here to read full article:
< http://www.hoaleader.com/public/330.cfm >
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Fostering Community: Tell Us How You've Built a Community in Your
Association
We'd like you to tell us how your HOA or condo association has
built a community and how that's helped your association run more
smoothly. To give you a jump, here are two stories from your
fellow association residents.
Click here to read full article:
< http://www.hoaleader.com/members/329.cfm >
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50 HOA Management Tips:
Tips and Best Practices for Homeowners Association Boards
This report compiles advice from our editorial team and from
experts on HOA governance and management from across the country.
You'll find tips about different ways to keep your association
safe from embezzlement and financial malfeasance, tips about
managing the human side of HOA leadership, tips about rule
enforcement, tips on saving your association money, and much more.
Click here to read full article:
< http://www.hoaleader.com/members/271.cfm >
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