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Community Associations Insurance
Why Community Associations Need D&O Insurance
Community association boards and their members have broad fiduciary responsibilities. This leaves them vulnerable to liability lawsuits from both residents and employees. Additionally, board members are typically volunteers who don’t necessarily have the knowledge or experience regarding good governance. It creates an even greater risk of liability claims against these non-profit organizations. The need for…
How Community Associations Can Protect Against Fraud
In recognition of International Fraud Awareness Week, we are taking a look back at a past post where we discuss navigating fraud in community associations. Enjoy! Fraud, embezzlement, and other types of employee theft are among the biggest exposures community associations face. Exacerbating this significant risk is that it typically takes 18 months before the…
Disaster Management for Community Associations
Hurricane Ida is a recent reminder of the havoc severe weather can wreak on a community. Ida took out houses, trees, and utility poles, and knocked out power for more than one million Louisiana residents and water for another 600,000 people. It then triggered one of the worst urban flood disasters in U.S. history in…
Party Time Is Back: Risks Inside Community Association Clubhouses
Many people, after a year of stay-at-home mandates and capacity restrictions for get-togethers, are planning private parties, such as birthday and anniversary celebrations; weddings, bar/bat mitzvahs, and christenings; and holiday celebrations or other special events. Those living in condos and other homeowner communities often use the community association’s clubhouse and other common areas, like the…
The Devil’s in the Details: Performing a Deep Dive into Client Contractual Agreements
Our mutual clients, whether they are community associations or in the habitational or hospitality industries, have multiple contractual agreements with third-party suppliers and vendors of various services. Each agreement contains provisions on who is responsible for what and by when, insurance requirements, and ultimate liability in the event of a loss, among other issues. It’s…
Insurers Focus on Increased Need for Inspections, Repairs for Older Buildings Amid the Surfside Condo Collapse
On June 24, part of the Champlain Towers South in Surfside, Florida, collapsed in the wee hours while many residents slept. To date, 97 residents have been confirmed dead. The catastrophic loss has sent shockwaves throughout this oceanfront community located in Miami-Dade County.
Built to Rent Suburbs Picking Up Steam
Homeownership has been on the decline for decades, and not only among millennials. House prices have risen at a rate disproportionate to income, making homeownership increasingly unaffordable. Rent too has increased, contributing to Americans’ inability to afford down payments, but remains more affordable than homeownership.
Tips for Having a Safe Summer BBQ
On average, 10,600 home fires are started by grills each year. Approximately 20,000 patients go to the emergency room each year for injuries involving grills, totaling upwards of $37 million in damages. As the weather heats up and summer barbecues commence, don’t become a statistic. Share these simple tips for safe grilling with your property-owning…
Different Types of HOAs
Alternatively referred to as community associations, homeowner’s associations (HOAs) can often be found in residential communities. In fact, homeowner’s associations have become increasingly common in recent years. The Community Association Institute reports that about a quarter of (about 70 million) Americans live in some form of a community association. Given the growing popularity of community…
Pool Safety Grants Available to State & Local Governments to Help Reduce Drowning Injuries, Deaths
More than 7,000 drowning deaths occur nationally each year, according to the National Safety Council, with drowning accidents the leading cause of death and injury of children under 5 years of age. Drowning is also the second-leading cause of injury-related death among children under the age of 15. Moreover, each year nearly 6,000 children under…