First, Next, & Last Steps When Disaster Strikes!


By Greg Floyd Discuss With Your Broker W


ater is raining down through light  


starting to warp right in front of your eyes and water is dripping all over personal belongings. You have no idea where it’s coming from, how to make it stop, and the upstairs neighbors aren’t answering their door or their phone!


 managers out there, it probably does, unfortunately.   for. Water losses in condominium buildings are a common occurrence and are becoming an increasingly common trend as condominium buildings age.  when the inevitable happens in your building?


The First 48 Hours


 want to take control of and assess the


   department is the prudent course of action. In most water related losses however, this may not be necessary,  and stop the water.


Consult your disaster preparedness plan if you have one.  


12 Community Associations Journal | September 2020


Once the remediation companies are engaged, you now should open some dialogue with your


 endless factors that could impact how (and if) you should 


1. First and foremost, is the loss insurable? is covered by insurance so you should be asking these questions in your early conversations with your broker.


2. What is our property deductible? If the estimated amount  reason to pursue a claim.


3. What has our loss experience been like through the last   ok discussion to have with your broker.


4. Do we have a reporting requirement in our policy that, if ignored, could jeopardize coverage?  requires carrier reporting under certain circumstances.


All of the above factors will weigh into an association’s decision to turn in an insurance claim and this is your opportunity to  


The Declaration


 


declaration. For a condominium, the declaration or governing documents will be your guide to what is intended and/or required to be covered by the master policy. It may address the inclusion of unit interiors as covered property, who pays for the  party for paying in the event of a covered loss. In Washington  


 as possible to really help minimize the severity of the loss!


Ok, the water is off and no one is in danger. It’s now time     of damage and also jeopardize coverage in the policy, so you want the fans running early and other remediation work to begin as soon as possible and be prepared to move swiftly through the process.


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