Hope you are having a great start to your morning. I wanted to make sure that you have seen the information about FEMA’s definition of a Private Association. FEMA is trying to limit where they will reimburse local municipalities for debris pick-up or disaster assistance after a Hurricane or natural disaster. They want private association, with their own means to raise money, Assessments, to be responsible for paying for their own debris removal. Even though the members of the Association still pay the same local taxes as everyone else. Here is the link to CAI national website for more information.
It also provides an easy way to send a letter to your elected officials encouraging the passing of Disaster Assistance Equity Act. This Act will ensure disaster relief fairness for Community Associations. Hurricane season starts June 1st. After a Hurricane it will be too late.
This week Adam Beaudoin of Ward and Smith released an article on Directors and Officers covers. It shows the importance of having a comprehensive standalone policy. An endorsed policy will have gaps. If the associations insurance has gaps, that means the Management firms has the same gaps! Your Management firm could be exposed to lawsuits that won’t be covered by insurance. Here is the article.
Author: Andrew Bateman
Articles have been Reprinted with permission from Tri-Sure.
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