Tag Archives: project

Understanding Homeowner Association Insurance

MASTER POLICY
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. 

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Why Contribute to Reserves?

Board members and Managers often get themselves into a situation where they need to “sell” the value of regular Reserve contributions to their homeowners. It’s often a simple matter of fighting for budget dollars… Reserve contributions don’t keep the lights on, they don’t keep the Association properly insured, and they don’t pay the Management...

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FL: Reserves crucial for disasters, renovations

Now that it’s been been just a short time since a near miss by a very large and angry looking Hurricane Irene, we thought we would talk for a moment about reserves. Reserves are money set aside by associations to deal with large renovation, repair and remediation projects – either from catastrophic events, such as storms, or from the natural aging…

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