D&O Insurance — Is Your HOA Covered?

D&O Insurance — Is Your HOA Covered?

Scott Hirschi Homeowner Association and Condo boards have a fiduciary duty to act in the best interest of the community as a whole, follow the law, and protect the assets and financial stability of the community. Proper insurance plays a major role in fulfilling that duty. But many board members are unsure if they have the right coverage — even worse some think they're covered when they really aren’t. Read More...
HOA Insurance — What You Don’t Know,Can Hurt You!

HOA Insurance — What You Don’t Know,Can Hurt You!

Victoria Cohen The purchase and annual renewal of the Master Insurance policy for most homeowner associations (HOAs) is probably the quickest and least understood decision an HOA board makes each year. Lincoln Cummings of Cummings & Associates related a story about board members who unlawfully approved a reduction of insurance coverage, to save money, before a catastrophic fire caused $1 million more damage than the reduced policy covered, which resulted in a $100,000 personal judgement, on appeal, against each board member. Protect yourself, and protect your association, by hiring a qualified insurance broker who can advise your community based on the needs, trends, and threats that exist for your distinctive community, and then follow their advice. Read More...
BBQ on the Deck? — You May Cook More Than Your Steak!

BBQ on the Deck? — You May Cook More Than Your Steak!

Scott Hirschi Most insurance companies have a Loss Control Team that inspects communities periodically to assess potential threats. After the inspection they send a report to the board or manager with requirements and recommendations. One of the most common, and difficult items that come up in these inspections, are the BBQ grills on the decks or too close to the buildings. Not only does our Loss Control team see this as a significant fire danger, but local fire codes and quite possibly your own CC&Rs forbid Grills on decks. A FEMA report from 2010 estimated that on average there are 10 deaths, 100 injuries, and $37 million in property loss each year as a result of grill fires. Read More...

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