Page 10 - New England Condominium December 2019

10 NEW ENGLAND CONDOMINIUM -DECEMBER 2019 NEWENGLANDCONDO.COM Located Throughout New England Servicing the Northeast, Free Estimates Fully Insured, Certified by NADCA 1-800-442-8368 customerservice@ductandvent.com www.ductandvent.com Duct & Vent Cleaning of America, Inc. CONDOMINIUM MARKETPLACE “ e Directory to Everything You Need” MARCUS ERRICO EMMER & BROOKS, P.C. Representing Over 4,000 Condominium Associations... One Association at a Time 45 Braintree Hill Park, Suite 107 Braintree, MA 02184 (781) 843-5000/Braintree (508) 791-2120/Worcester (401) 351-2221/Rhode Island www.meeb.com | law@meeb.com MEEB_NEC_June14.qxp:Layout 1 5/19/14 12 ACCOUNTANTS Goodman, Shapiro & Lombardi, LLC Concentrating in condominium and real estate law in MA & RI www.goshlaw.com (877)-241-1600 NECondoClassifiedAd7-7-17woNH.indd 1 7/7/2017 1:09:16 PM Flynn Law Group 185 Devonshire St., Suite 401 • Boston, MA 02110 617-988-0633 “Quality Representation at Reasonable Rates - $150/Hr.” Contact Attorney Frank Flynn Frank@fl ynnlaw-ne.com www.fl ynnlaw-ne.com ATTORNEYS Merrill & McGeary 100 State Street, Suite 200 Boston, MA 02109 617-523-1760 • Fax 617-523-4893 Contact: Mike Merrill, Esq. mmerrill@merrillmcgeary.com DUCT/DRYER VENT CLEANING INDOOR AIR QUALITY • VENTILATION • DUCT CLEANING AIR DUCT & DRYER VENT CLEANING 800-893-1117 www.continentalcleanair.com Property Managers • Multi Units • Associations • Condos Continental clean:Layout 1 12/22/09 David A. 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Certified Public Accountants 20 Freeman Place Needham, MA 02492 Tel: (617) 566-3645 (866) 842-0108 Fax: (866) 681-2377 www.DALCPAPC.net DAL CPA See Our Display Ad on Page 9 BetterVent is a NEW kind of Indoor Dryer Vent. www.adr-products.com 1-888-609-5512 Condominium and Real Estate Law Phone: (781) 817-4900 Direct: (781) 817-4603 Fax: (781) 817-4910 We may be dressed up, but we aren’t afraid to get our hands dirty. www.lawmtm.com Solving your problems today & strengthening your association for tomorrow. 6 Lyberty Way, Suite 201 Westford, MA 01886 (978)496-2000 www.perkinslawpc.com Accounting • Auditing • Taxes • Consulting Worcester 67 Millbrook Street 508-797-5200 Grafton 80 Worcester Street 508-839-0020 Holden 795 Main Street 508-829-5544 M Love Associates, & LLC Certified Public Accountants Serving Condominium Associations mlove 2.25 x 2.5 condo association color 9.19.2017.indd 1 9/19/17 12:59 PM BANKING See Our Display Ad on Back Cover it more diffi cult for insurance companies up a reserve to balance out the bad years. to maintain fi nancial health and fl exibility. Don’t reduce monthly charges. Collect Th e result is a more conservative approach the same monies needed when premiums leading to more conservative underwrit- ing, which in turn leads to higher premi- ums for everyone. A Litigious Society Another factor in rising premium costs expected mechanical or structural break- is the rising level of litigation in claims cas- es. According to Seaman, “Labor law regu- lations have been present for many years. will penalize you for it! However, these regulations are now having a huge impact on the insurance industry. you work with. Find an agent who is a spe- Claims that are several years old had been cialist in property insurance. Don’t treat reserved for at modest levels, \\\[but\\\] as the locating the best insurance for your build- injuries persist and develop, the claim re- serves are exploding. Plaintiff attorneys are Don’t fl ood the market. Pick one agent, re- getting more aggressive on these claims, search that agent, and trust that the agent and due to the nature of the laws in New will get you the best deal. Remember, the York State, the insurance carriers are hav- ing an impossible time limiting judgments. company, but he or she works for you. Th is is resulting in signifi cant rate increas- es.” Mevers cites similar situations in Flor- ida. “Th ere is an attitude among condo owners that associations carry insurance, so if something happens, they can go aft er the carrier with an insurance claim. Th ey don’t consider the ramifi cations for each unit owner paying into the association pol- icy premium as part of their monthly com- mon charges. Th e premium will rise due to more claims, and they will pay the increase in premiums through their monthly com- mon charges.” Shifting Liability One option insurance carriers are us- ing to keep premium levels at least some- what stable is to shift some liability away from the association or corporation and to the individual unit owner or shareholder’s home policy. Piazza refers to this option as ‘deductibility management.’ Basically, the deductible required to be reached on the overall property is increased, and the unit owner would then have to make a claim against their homeowner policy. Th at means that eff ectively, if there is a wa- ter leak that aff ects 15 units, but the gross cost of the repairs was less than the deduct- ible on the association’s policy, the asso- ciation – and by extension the unit owners – would not collect from the association’s insurer. Rather, they would apply to their homeowner’s policy for coverage and reim- bursement. While that might lead to higher premiums for individual homeowners, Pi- azza argues that the increase would be sub- stantially less, even in the aggregate, than the increase in premium an association would receive due to a large claim, which would then be passed to the unit owners as part of their monthly common charges. Advice for the Weary In advising her clients, Mevers off ers two simple and straightforward sugges- tions: First and foremost, insurance pre- miums increase and decrease over time – so prepare for those inevitable fl uctuations. Like Joseph advising Pharoah, in the good years when premiums are low or falling, set are higher, and if that results in a surplus, use them to off set increases later. Second, maintain your physical plant. Maintenance means fewer emergency repairs and un- downs. Insurance carriers are watching; if your property isn’t in good condition, they Lastly, Piazza off ers this: Be careful who ing like a contract to buy cleaning supplies. agent may get paid through the insurance n A J Sidransky is a staff writer/reporter with New England Condominium, and a published novelist. INSURANCE... continued from page 9 As for how to deliver a holiday bonus to members of your HOA staff , it’s entirely up to the community in question—but anecdotal information suggests that an email or note from the board to all residents a few weeks before the holidays encouraging them to acknowledge their staff ’s hard work during the year is a great way to get the word out. Residents can give their tips individually, or all drop off their gift /s with an appointed col- lector (the board treasurer or secretary is a good choice for this task) who can deliver all of them to the staff at once. Regardless of the cash value or method of delivery, however, Chatzky stresses the im- portance of “making sure that you present your tip as an actual present. Put it in a nice card, write a personal note, and deliver it per- sonally rather than, for example, just taping it to the garbage can. And cash is appreciated, rather than checks.” In what can sometimes seem like a very uncivilized world, it’s important to remember to make a gesture of civility and appreciation to the people who make it their business to lend you a hand and make your life easier— and the holiday season off ers a perfect oppor- tunity to do just that. n Cooper Smith is a staff writer for New Eng- land Condominium. HOLIDAY TIPPING... continued from page 6