Florida Condominium Insurance Coverage: What Insurance Coverage Must Be Obtained? Who is responsible If Condominium Insurance Is Not Purchased?

An insurance agent’s claim of “cheaper” premiums could come with the risk of less coverage. A prudent condominium association must know what is required to be insured by law.

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Required Insurance Appraisals for Florida Condominium Associations

For many condominium association boards of directors, the fall months are considered “budget season” because this is the time the board members and property manager work together to produce a budget for the start of the new fiscal year in January. While condominium association budgets address a variety of things, property insurance is one significant line item that cannot be overlooked.

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Mississippi Property Insurance Requirements for Condominium Owners

Property insurance for condominium units is sometimes required by state statute or code. In Mississippi, no such requirement exists.

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Puerto Rico's Condominium Act: Recovery After Hurricane Maria

It was winter of 1996 when my family and I moved from New Jersey to Puerto Rico. Since then, I have witnessed how Puerto Rico has struggled to establish better construction codes and plans for home improvement and insurance. These attempts have been challenged by politics, economic issues and natural disasters. Puerto Rico does not have statutes or ordinances requiring homeowners to have property insurance; it is only a requirement for property owners with mortgages. Puerto Rico’s Insurance Code defines insurance as “the contract whereby a person is obligated to compensate another or to pay or to provide a specific or determinable benefit to the occurrence of an uncertain event foreseen there, the term safe includes reinsurance.”1

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Property Managers Fees and Property Insurance Claims

Property managers often include extra fees in their management agreements when having to help an association through an insurance claim and reconstruction. My experience has been these fees have risen significantly from extra hourly costs to as much as ten percent. While some may argue that a property manager is neither trained nor licensed to adjust claims and that property management firms may be practicing law or public adjusting without a license, the issue for recovery of these fees is important.

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Assessments Following Catastrophe Losses in Texas

Does an HOA have power to levy assessments following catastrophe losses? In Texas, the answer will likely be, yes. This much was also found true when a homeowner’s association for Leawood Condominiums sued a unit owner for failure to pay assessments in Akhtar v. Leawood HOA.1

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Dealing with Insurance Agents as a Property Manager and Association Board Member

Insurance agent relationships between property managers and association boards are important. Insurance agents are required to obtain the best coverage at the best price. The problem is when different insurance agents, competing for business, start telling property managers and association boards different things about the insurance in place and comparing insurance coverages.

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Property Managers' and Condominium Association Leaders' Hurricane Matthew Dilemma - Financing the Repair Before the Insurance Company Pays

Property managers and condominium leaders will face an issue after Hurricane Matthew becoming all too recurrent following catastrophes—slow and underpaying property insurance carriers. While partial payments for small percentage amounts of easily agreed to damages are often made, full payment made within 90 to 120 days is almost non-existent with significant losses. Who can wait for that long to start substantial repairs?

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Court Decision on "Your Work" Exclusion in a CGL Policy is a Head Scratcher

In Essex Insurance Co. v. DiMucci Development Corp. of Ponce Inlet Inc., U.S. District Judge Roy B. Dalton Jr. recently held that Evanston Insurance Company has no duty to defend a builder in a lawsuit alleging construction defects at one of its Florida condominium complexes based on an exclusion in the policy for damage to the developer’s own work.1

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Homeowners Association Claim Filed in 2015 May be Covered by a Policy Ending in 1982

Usually the suit limitations provision in a policy dictates when a suit to recover can be filed. However, recently the Federal District Court of Washington held that under certain circumstances that is not necessarily true. In Holden Manor v. Safeco,1 the trial court refused to dismiss a homeowners association’s coverage suit as untimely, notwithstanding the fact that the suit was filed in 2015 and sought coverage under a policy that ended in 1982.

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