Associations are sometimes not listed in the declaration pages of insurance policies. I have seen property management firms, program administrators and the wrong Association listed in the declaration pages of insurance policies. While infrequent, it happens enough that those responsible for obtaining the insurance for an Association should make certain the insurers correctly list the Association as an insured at the point of sale.
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Condominium Associations
Condominium Found To Have No Liability Coverage When Association Member Sues Association Which Contains Certain Exclusions
A recent case decision, Mt. Hawley Insurance Company v. Aquasol Condominium Association, Inc.,1 should have all association board members, condominium property managers, and condominium general counsel asking their insurance agents what will happen if their own association members sue the association. A recent case says there is no coverage for the cost to defend the suit and no coverage for the property damages to which the association may be liable.
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Can a Unit Owner Directly Sue the Association Property Insurer?
Unit owners of associations are clearly intended beneficiaries of the property insurance policy that the associations purchase. Indeed, in many situations, the association policy pays for the individual owner’s unit damage as well as the common elements. So, when a unit owner is damaged by a delaying, denying or underpaying property insurer, can the unit owner sue for the owner’s personal loss?
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Property Management Fees Incurred Following a Loss — Are They Recoverable?
Fees may not be recoverable under a condominium association policy to an insured condominium association or its property management company after a loss. The Board should carefully consider fee percentages agreed upon in a management agreement to assist the association through a property insurance claim.
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Winterization Includes Preparation For Spring & Summer
Condominium Association leadership and management is complex and never ending. I was thinking about this while reading an excellent article, Preparing Your Association For Winter.
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Is Your New Mexico Condominium In Compliance With The Law? Mandatory New Mexico Insurance Requirements
Continuing my state-by-state review of mandatory condominium insurance requirements, this post will look at New Mexico—The Land of Enchantment.
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Is Your Oklahoma Condominium In Compliance With The Law? Mandatory Oklahoma Insurance Requirements
Many states require condominium associations to maintain property insurance for the common areas of the building but leave it up to the unit owners whether they want to insure their individual units or personal belongings. Oklahoma, however, is different and does not require the association to obtain insurance for the property.
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Is Your Texas Condominium In Compliance With The Law? Mandatory Texas Insurance Requirements
Condominium associations in Texas should look to the Texas Property Code §82.111 to ensure that they are in compliance with the condominium insurance requirements in the state.
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Is Your Iowa Condominium In Compliance With The Law? Mandatory Iowa Insurance Requirements
Continuing my state-by-state review of mandatory condominium insurance requirements, this post will look at Iowa—The Hawkeye State.
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Is Your Florida Condominium In Compliance With The Law? Mandatory Florida Insurance Requirements
Condominium associations in Florida must look to Florida Statute §718.111(11) to determine whether they are in compliance with insurance requirements for the state of Florida.
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