Condo Media - May 2015 - 39
8
They purchase an insurance
policy based on the cost of the
premium rather than the coverage provided. "Cost should be the last
thing you look at," Keegan emphasizes.
"Make sure you have all the coverage
you need before you ask what the
premium will be. You may save a few
dollars by reducing coverage, but at
some point, that's going to catch up
with you."
Pat Brawley,
CMCA, AMS,
PCAM, Central
Management
and Consulting
Services
Brawley has a
similar, though
not identical,
list of the insurance mistakes boards
commonly make:
condo documents may limit the size of the
deductible allowed in the master policy.
5
They ask managers to advise them
on insurance issues. Managers
are familiar with insurance issues,
she says, but "we're administrators not
insurance experts." Making insurance
decisions is every bit as complicated
as undertaking a renovation project,
she says. "For a renovation, the board
would bring in engineers to do the specs
and review the bids." If they're putting
an insurance policy out to bid, boards
should bring in an insurance consultant
to review the association's property,
assess its risks, identify the coverages
needed, and review the policy proposals
submitted by different agents and different carriers.
6
They don't always follow the
insurance advice they receive.
"An agent may tell the board that
a $2 million umbrella policy limit is too
low because their swimming pool could
generate larger claims," Brawley says.
"But the board has to decide how much
insurance is enough, and boards don't
always make the best decisions."
1
They don't appreciate how
complicated the insurance maze
can be. "Just understanding how
different policies work can be really
difficult," Brawley says. Even more
difficult is determining what coverage
the association can afford and what
coverage it can't afford to omit.
2
3
They don't understand or notice
policy exclusions, and as a
result, they assume they have
coverage that they don't.
They don't require owners to
obtain HO-6 coverage, or their
rules don't include the "teeth"
needed to enforce that requirement.
Owners who don't have the deductible
coverage (that should be included in
an HO-6 policy) may not be able to
make essential repairs in their unit or
pay their share of a large common area
claim "and that could be a problem for
the entire community," Brawley says.
4
They don't understand deductibles. They specifically aren't
aware that the wording of the
"full insurance" requirement in the
may 2015
39
Condo Media - May 2015
Table of Contents for the Digital Edition of Condo Media - May 2015
Table of Contents
Condo Media - May 2015 - Cover1
Condo Media - May 2015 - Cover2
Condo Media - May 2015 - 1
Condo Media - May 2015 - 2
Condo Media - May 2015 - Table of Contents
Condo Media - May 2015 - 4
Condo Media - May 2015 - 5
Condo Media - May 2015 - 6
Condo Media - May 2015 - 7
Condo Media - May 2015 - 8
Condo Media - May 2015 - 9
Condo Media - May 2015 - 10
Condo Media - May 2015 - 11
Condo Media - May 2015 - 12
Condo Media - May 2015 - 13
Condo Media - May 2015 - 14
Condo Media - May 2015 - 15
Condo Media - May 2015 - 16
Condo Media - May 2015 - 17
Condo Media - May 2015 - 18
Condo Media - May 2015 - 19
Condo Media - May 2015 - 20
Condo Media - May 2015 - 21
Condo Media - May 2015 - 22
Condo Media - May 2015 - 23
Condo Media - May 2015 - 24
Condo Media - May 2015 - 25
Condo Media - May 2015 - 26
Condo Media - May 2015 - 27
Condo Media - May 2015 - 28
Condo Media - May 2015 - 29
Condo Media - May 2015 - 30
Condo Media - May 2015 - 31
Condo Media - May 2015 - 32
Condo Media - May 2015 - 33
Condo Media - May 2015 - 34
Condo Media - May 2015 - 35
Condo Media - May 2015 - 36
Condo Media - May 2015 - 37
Condo Media - May 2015 - 38
Condo Media - May 2015 - 39
Condo Media - May 2015 - 40
Condo Media - May 2015 - 41
Condo Media - May 2015 - 42
Condo Media - May 2015 - 43
Condo Media - May 2015 - 44
Condo Media - May 2015 - 45
Condo Media - May 2015 - 46
Condo Media - May 2015 - 47
Condo Media - May 2015 - 48
Condo Media - May 2015 - 49
Condo Media - May 2015 - 50
Condo Media - May 2015 - 51
Condo Media - May 2015 - 52
Condo Media - May 2015 - 53
Condo Media - May 2015 - 54
Condo Media - May 2015 - 55
Condo Media - May 2015 - 56
Condo Media - May 2015 - 57
Condo Media - May 2015 - 58
Condo Media - May 2015 - 59
Condo Media - May 2015 - 60
Condo Media - May 2015 - 61
Condo Media - May 2015 - 62
Condo Media - May 2015 - 63
Condo Media - May 2015 - 64
Condo Media - May 2015 - Cover3
Condo Media - May 2015 - Cover4
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