The Insurance Mystery – Where Does the Association’s Responsibility End and the Homeowner’s Begin?

The Insurance Mystery Where Does the Association’s Responsibility End and the Homeowner’s Begin? Do you remember that large pile of documents and papers you read when you closed on your condominium? Do you remember how clearly you understood what insurance responsibilities the association would assume and what you as a homeowner would assume? Do you recall thanking all those professionals for clarifying all the issues so you could sleep well at night? If your answer to these questions is yes, I congratulate you as one of the fortunate few who truly know what he or she is required to have when they move into a condominium or other community association where… Read More

Continue Reading

Community Association D&O Risk – Good Intentions Are Not Enough

By: Joel W. Meskin, Esq., CIRMS and Nancy G. Enderby When you sell property coverage for condominiums, co-ops and homeowners associations, do you ask these clients if their members have directors and officers (D&O) insurance covering their volunteer board members?  It’s important to get answers to this question, not only for them, but also for your own protection as the insurance agent. Agents who don’t sell this product, or who don’t fit the D&O coverage to the specific insured, could end up on the wrong end of an E&O suit.  That’s why we urge agents to treat this coverage with as much attention as they give to property or general… Read More

Continue Reading

Saving on Community Association Insurance – Is It Possible?

by Joel W. Meskin, Esq., CIRMS In this post-9/11 era, when insurance companies are still recovering from the largest single insurable loss in history, community associations are feeling the pinch.  The question arises: can a community association take steps to minimize insurance cost increase? There is no question that the cost of insurance is a key issue for most Americans.  The reality is that life in our society requires that individuals and entities have insurance to help fend off disasters and our litigious environment.  Community associations, representing  groups of owners, can be particularly at risk.  While the desire to contain costs remains strong, community associations, whether homeowners’ associations or condominium… Read More

Continue Reading