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

What should the Association do after the storm about the damage? This initial common question is important and invariably leads me to tell Association Boards to check the Association Declarations and By-Laws. Most have guidance about steps that must be followed.
Continue Reading After The Storm—Does Your Condo Have to Hire an Engineer or Architect?

Hurricane season is here. The Weather Channel’s 2021 Atlantic Hurricane Season Outlook predicts another above-average season, meaning policyholders must take the time to ensure they are adequately prepared. Condominiums and other multi-family properties are strongly encouraged to safeguard their facilities and addresses any coverage gaps or underinsurance issues with their policy.
Continue Reading 2021 Hurricane Season Is Here – Are You Covered?

Shower pan losses are common occurrences. For a Florida condominium owner who has a shower pan loss within their condominium, the homeowner’s policy usually covers the damages caused by the water but does not pay to repair the damaged or broken shower pan.1 However, what happens when the unit upstairs experiences a shower pan link that impacts your unit?
Continue Reading Is a Shower Pan Leak Covered By Your Condominium Insurance?

A condominium can be defined as a single real estate unit in a multi-unit development in which a person has both separate ownership of a unit and a common interest, along with the development’s other owners, in the common areas.1 Insuring your condominium is often not so easy, especially since it usually requires that you are covered by both your condominium’s master policy and your own separate individual insurance policy. It’s important to closely review the condominium association’s declaration document, which details what real property the unit-owner is responsible for insuring separately.
Continue Reading Understanding How Your Condominium Insurance Works—The Individual vs. Master Policy Coverages

Obtaining the proper insurance coverage for the association is one of the key duties of property managers and boards of directors. I once was giving a presentation at a national convention at the Condominium Associates Institute (CAI) with a co-presenter, Suzanne Harris. We were discussing the importance of obtaining the right insurance and selecting the right agent.
Continue Reading The Big Tip For Making Certain Association Insurance Agent Is Getting The Right Coverage

Associations normally have by-laws that require the maintenance of a uniform appearance. Repairs usually have to follow this rule so the property does not lose value and lose the cosmetic appeal which community owners desire after a loss. Agents should not sell policies to Associations which require a uniform appearance.
Continue Reading Associations Which Require Uniform Appearance Should Not Be Sold Policies With Anti-Matching Language

One of the largest potential exposures that association property managers and board of directors face is underinsuring property. If a significant loss happens and there is not enough insurance, they can potentially become liable for errors and omissions claims by owners damaged as a result of their malfeasance.
Continue Reading Property Managers and Association Boards Need to Insure To Value