2011 August
2011 August Vol. 9 No. 8
Focus on...Insurance/Board Training
An Ounce of Protection
It sits quietly in your condo association’s insurance package, unremarkable next to the fire, flood and other forms of
mayhem that make insurance policies necessary fixtures in association budgets.
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The Sky is Falling!
New Englanders got a taste recently of Mother Nature’s wrath when a series of tornadoes touched down in Springfield, Massachusetts
and surrounding areas, leaving devastation and death in their wake.
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Not Your Grandfather's Policy
Recent developments, both legislative and environmental, have led to
considerable changes in the New England insurance marketplace. And such
changes, as managers know, often lead to added paperwork, confusing
requirements, and tricky legal questions for condo boards. While many new
insurance products—such as the heavily-hyped “terrorism coverage”—have failed to catch on for the condo market, modifications in traditional
coverage have altered the insurance picture in ways previously unseen.
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Protecting Your Valuable Amenities
Most homeowners love the idea of having a swimming pool, athletic court or
health club as part of their association's grounds because it adds value to
their property and it gives them something fun to do throughout the year. But
HOAs that offer these types of facilities may need to have supplemental or
additional insurance to cover the potential hazards that come with deluxe
amenities.
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On Your Side
Imagine the panic that sets in when a home is lost or damaged. Now imagine
navigating through that fear alone. Whether it’s fire or flooding or the violent effects of a storm, anything that damages or
destroys a home will have a lasting and dramatic effect on the people who lived
and worked in that space.
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Getting the Facts
Congratulations. You have been chosen to help lead your community on a small
governing body that will determine the major policy decisions affecting
everyone who lives in your community. From finances to rules enforcement to
selection of personnel and services, your voice will be a major factor in the
way things are done. Although an unpaid office, being on the board of a
community association can be a position of esteem, responsibility and
leadership. Are you ready for this?
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Hyannis
Rather in the manner of Russian folk-art nesting dolls, the village of Hyannis
nests within the town of Barnstable, within Barnstable County, within the
region of Cape Cod, within the state of Massachusetts. In one sense,
generalizations could be made about the village through its association with
the entities it helps to make up. In another, however, the village is certainly
its own place, with subdivisions in its own right and a lot to offer the
occasional visitor, the returning regular, and the full-time resident.
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NAMIC
The National Association of Mutual Insurance Companies is the largest and most diverse national property/casualty insurance trade and political advocacy association in the United States. Read More
Value Engineering
During the 1940s, Willie Sutton developed a lucrative niche of robbing banks. During his unapproved withdrawals, he sometimes made use of ingenious disguises. Those were the days when grand larceny took place in a bank lobby rather than the corporate boardroom. When a reporter asked him why he robbed banks, Sutton is said to have replied, "That's where the money is." Read More
Q&A: Using the Common Hallway and Maintenance Increase
My condo board has given notice to a maintenance increase for this year after a five-year assessment, which is to expire next year. If an owner has several combined units and has incorporated the common hallway usage for their personal use, is this space also subject to the maintenance increase? Read More
