State laws pertaining to condominiums and most project legal documents creating condominiums require the association to carry a master insurance policy covering the entire project including the individual units. This is the only approach to insurance that makes any sense in a high rise project, and in most lateral projects it also makes sense because of the interrelationship of individual condominium units and the project’s common areas. In planned unit developments, the advisability of having a master policy depends to some extent on the type of construction. With attached townhouses or row houses, it is possible that a master policy is preferable to individual policies covering each dwelling.
You’ve, no doubt, heard the terms “policies, procedures, rules, regulations” and “resolutions” used many times in the industry. But have you ever wondered what all these different terms mean and whether there is a difference as to which term you use? Despite popular belief, there are subtle differences in these terms, which are outlined in the below checklist. As you will see from the checklist, there are also several similarities between and overlap of the terms.
Balancing Relationships with Responsibilities
Getting elected to the board of one’s co-op or condo building is usually a very positive thing: it gives a person the chance to play a part in the preservation of their community, and also gives them the opportunity to leave it in better shape than when they started. But great power comes with great responsibility that must be utilized properly. Board members can suddenly find themselves in tough spots when figuring out how to balance their status and fiduciary duty with relationships that may predate their position of authority.
News items of national interest regarding Condominium and Homeowner associations, compiled by the Community Associations Network