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Insurance
Not High and Dry
In April, Massachusetts officials estimated it would take $38 million to repair
the damage to infrastructure caused by the deluge, and tens of thousands of
residents across the region applied for disaster relief from the Federal
Emergency Management Agency (FEMA).
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Filling the Gaps
Afire sweeps through a row of condominiums, some of them partially-built units
that were caught in the financial downturn. What happens when empty condo
units, finished or otherwise, suffer damage? Who pays to rebuild them?
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Stormy Weather
The scenes are indelible: uprooted trees strewn across roadways. Windows broken. Streets flooded. Roofs torn from the homes they were designed to protect. Hurricanes are chaos machines, generating fear and destruction wherever and whenever they strike. Their after-effects can reverberate thousands of miles away and for years after they hit, especially when it comes to insurance coverage. Read More
Household Hazards!
Mold – it’s an ugly four-letter word in more ways than one. Nobody wants to think about
the fact that this fungus can be found anywhere where water leaks or drainage
problems are present. Mold can cause serious damage to a condominium, like
ruining drywall, and is believed to trigger numerous health problems in
susceptible persons.
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Riding Out the Storm
As homeowner insurance costs continue to escalate in the coastal regions of New England, it has become harder to successfully wade through the morass of deductibles and
policy lingo on storm insurance coverage. But with a little knowledge and
shopping around, you can balance adequate coverage with reasonable expense,
leaving your condo sufficiently protected when storms darken the horizon.
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Understanding Your Condominium's Insurance Policy
For people with no experience in managing a community, understanding the fine print and the more obvious aspects of a building's insurance policy often can be a challenge. To the uninitiated, it sometimes may seem like the details of one's coverage were written to be deliberately confusing to anyone excpet insurance industry insiders. Read More
Are They Covered?
Mistakes can happen. It’s a simple fact of life and a simple fact of doing business. That’s why issues of insurance are so important for condominium managers and boards. While it is
easy enough to keep up to date on one’s own insurance, making sure the coverage of outside vendors and contractors is
in order can be tricky. We all want to believe that our landscapers or snow removal teams or siding
contractors are protected by insurance in the event of an accident, but it’s not always easy to be sure. And if coverage is not in place, that’s the kind of mistake that can lead to million-dollar problems for an
association.
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Injured on the Job
The roof of your condominium survived relatively unscathed through yet another
New England winter (OK, there was that one leak), but the condominium board has
unanimously agreed that it's time to reshingle.
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Protecting the Board
Say you’re a new association trustee in your condo. It’s a great honor—you’ve been recognized as a leader, and now you can try to put some of your ideas into effect. However, in your new position, you could now be sued because of your fiduciary responsibility. Read More
Are You Seeing The Full Picture?
With news of foreclosures raging about them and common fee delinquencies on the
rise across the nation, condominium boards are taking a long, hard look at
association expenses. But, professionals caution, boards should be wary about
taking that red pen to the line item that reads “insurance.”
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