Florida is the only state to address and provide a statutory definition for a “re-opened claim” or a “supplemental claim.” Florida’s law is not a consumer protection law. Instead, it is an insurance company protection law. The current edition of Florida’s Supplemental and Reopened claims law reads as follows:Continue Reading Beware of Claims Deadlines! Florida Condominiums Have Supplemental and Reopened Claims Statute Deadlines

Deductible buy-down insurance, also referred to as buyback deductible insurance, is designed to reduce the deductible that an insured party would have to pay in the event of a claim. It operates on a simple principle: by purchasing a deductible buy-down policy or endorsement, the insured party can reduce or even eliminate the deductible that would be due if a loss occurs. This mechanism is particularly relevant for policyholders when the deductible on a claim is set at a high amount.Continue Reading Is Deductible Buy-Down Insurance A Wise Choice For Condominiums? A Basic Guide For Association Boards and Property Managers

Most property insurance companies take too long to investigate, request far too many documents, and delay analyzing the documents after they obtain them so that months pass before a decision is made on the property loss. This is not proper and not in the spirit of good faith claims service all condominiums are promised and deserve to receive. I sometimes wish the claims managers of insurance companies were Association Board members who received incessant requests from other members asking—“Why is it taking so long for the insurance company to make a decision and pay?”  

So, what can an Association do? Continue Reading Condominium Associations Need to Cooperate and Provide Information to Move Along a Property Insurance Claim

As an attorney who has represented hundreds of condominium associations following losses, I understand the importance of having the right insurance policies in place to protect your association’s assets and financial well-being. Fidelity, Employee Dishonesty, and Crime Insurance are crucial components of a comprehensive insurance plan for condominium associations. Yet, it is a very complex type of insurance. Condominium boards and property managers often ask me what they should be aware of to purchase the best type of Fidelity, Employee Dishonesty, and Crime Insurance available and how to work with their agent to do so. I will share tips and personal insights to help your association navigate these specialized coverages and suggest how to work effectively with your insurance professionals to safeguard your community’s interests.Continue Reading Tips For Association Leaders Purchasing Fidelity, Employee Dishonesty, and Crime Insurance for Condominium Associations

Recent articles in the Miami Herald and Insurance Journal reported on massive fraud from a Condominium Association by its officers, board members, and leaders. The Miami-Dade State Attorney’s Office said it had charged five current and former association board members with racketeering violations, grand theft, money laundering, and fabricating evidence. In addition, two vendors were criminally charged for receiving payments from the fraudulent invoices, which totaled over $1.2 million. Florida law requires Condominium Associations to carry Crime and Fidelity Insurance or bonds to protect against this type of activity.
Continue Reading Florida Condominium Laws Require Insurance or Fidelity Bond to Reimburse Stolen Association Funds

Following a hurricane, hailstorm, or strong thunderstorm, property managers and association boards should not make the mistake of sending the maintenance employee as the only person to inspect for possible damage to the roof. Roof damages are difficult for untrained people to detect. Insurance companies send adjusters to specialized schools taught by roof damage specialists to learn how to determine if strong winds or hail damaged a roof. By not sending a trained roof damage specialist, millions of dollars can be lost as a result of roofs wearing out far sooner than expected or leaks developing from the previously unfound damage, causing damage to the roof underlayment and whatever is under the roof.
Continue Reading Property Managers and Association Boards Need to Hire Experts to Inspect for Roof Damage

The Georgia Condominium Act: What Condo Owners Should Know

Condominiums can pose some complicated questions about insurance liability for both policyholders and condo associations. This blog helps explain some of the provisions in the Georgia Condominium Act that govern responsibility for damages and repairs to common and limited common elements within a condominium.

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A recent Colorado case judgment1 where a condominium lost its hailstorm lawsuit and had to pay the insurance company attorneys fees, caught my attention. The judge ruled that the Association’s claims expert could not testify because the expert lacked credentials and a scientific basis for opinions.
Continue Reading Associations Should Hire Licensed Experts to Help with Property Insurance Claims