Is Enough Really


 Community Association Property Loss?


 A


 community association’s property and it is established that the


proceeds from the insurance policy purchased    you’ve not heard this before.


Example of Considerations


To illustrate potential considerations, let us assume that   but the total costs to the association are coming in     pollutant removal; higher construction costs for material and labor; heat damage to the foundation causing a


 to some units; the city code requiring the building to  elevator installed and a list of other compulsory code  for construction management and claims administration.


In this example, the board has used the same agent and insurance company for many years and the coverage has     proposals have been rubber stamped by the board upon receipt from the management company.


Shortfall Responsibility


 total policy limit in our example? The onus is clearly on the board of directors. A typical condominium declaration  obtain and maintain insurance in an amount equal to the  and after application of any deductibles of the Common Elements, Limited Common Elements and the Units”.


 standard in condominium declarations and often there


16 Community Associations Journal | April 2019


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