Oh Coverage, My Coverage An Association Manager Navigates Insurance Jacqueline Cleveland and Ryan Stewart

When the time comes for insurance renewal, managers and boards alike seem to have a gut-wrenching reaction when attempting to scratch the dense surface of their insurance policies. The terms, the conditions, the costs, and how they are calculated, the review of exclusions, the endorsements, all seem to be mutually exclusive with the panic felt when headed straight for an iceberg.

In my eight years serving as an association manager, I’ve never participated in a conversation with a colleague in which the sentence “I enjoy risk management, it’s my favorite thing” was ever uttered. This spring, when my highest asset- value client (who I’d only been assigned to for a fresh 90 days) asked me to present their insurance proposals in lieu of inviting a broker to their meeting, I took pause. A round of smelling salts later, I realized the legwork I had to put in to present my client with its options. Working closely with both the incumbent and another broker providing proposals, (in addition to what I’ve learned over the span of my career) gave me more confidence to comprehend and even convey the differences in each proposal. Your insurance brokers are

your best allies and your best resources. I’ve learned surely there are no dumb questions about insurance. Most brokers and agents will assist in reviewing the proposals you’ve received, even if they are not bidding, as stewards of the condominium insurance industry.

Now, mateys, this article comes with your standard issue disclaimers: I am not an insurance broker. I am not even an expert (certified or otherwise) in all things insurance. I am, in all of my high-strung glory, your typical, Type A manager, writing to impart her own thoughts on navigating through new coverage proposals, and the benefit of connecting with your insurance experts. All-in effort, so that you can better understand the recommendation, will help you in assisting your board with selecting the appropriate coverage for their risk. Ryan Stewart of the Partners Group, who has a BA in Finance, an MBA, and 13 years in the commercial insurance industry, is the expert in the field and my co-captain of this article. He is here to not only bless these ideas, but also to contribute his perspective on helping managers like me know the needs of our clients, and how our brokers can help us deliver.