For example, if a fire breaks out in the clubhouse and causes extensive damage, the HOA master insurance policy will cover the repair or reconstruction costs. Similarly, if the playground equipment is vandalized, the insurance will cover the cost of replacing or repairing the damaged items. The ...
HOA master insurance covers: Building exteriors that belongs to the association. Shared space and property that belongs to the association. Liability for incidents that happen in shared spaces. So if your condo is in a high-rise that catches fire, the HOA insurance policy can cover the cost of...
According to Davis, there are two types of D&O insurance, as it is known. The bundled (packaged) D&O insurance coverage is added by an endorsement to the property and liability. It’s usually at a lower cost and coverage is very restrictive. “Stand-alone D&O insurance should be designed ...
[27]Again, California's Davis-Stirling Act, which was designed to protect owners, requires that Boards carry appropriate liability insurance to indemnify the association from any wrong-doing. The large budgets and expertise required to run such groups are a part of the arguments behind mandating ...
"The Board of Directors understands the economic impact caused by this pandemic. Please understand if everyone stops making payments the economic impact continues. The association assessments pay for liability and property insurance and we cannot go without especially with hurricane season around the corn...
members may run for the post because they have a personal issue that’s important to them and they want to see it through. That might not sound like a bad thing, but those personal agendas can become troublesome when they impact an association board’s effectiveness, or even cost the condo...