Condominium Governance Tag

04 Jun Are You Ready for the 2013 Hurricane Season?

Posted at 14:54h in Commercial Insurance, Condominium Governance, Personal Insurance, Risk Management, Safety

For those living or working in areas at risk of experiencing a tropical storm or hurricane, June 1st rarely passes unnoticed. At Setnor Byer Insurance & Risk, we understand that preparing for Hurricane Season is rarely easy and often stressful. We also understand that a...

30 Apr Don’t Let Service Animals Take a Bite Out of the Condominium Association’s Bank Account

Posted at 13:13h in Condominium Governance, Risk Management

Many condominium associations have policies that prohibit or regulate the ownership of pets. For the most part, associations have become adept at dealing with those having pets and those requesting permission to have a pet. However, as a recent lawsuit filed by the Justice Department...

09 Apr Is Fear of Liability Why Your Condominium Community Does Not Have an Automated External Defibrillator (AED)?

Posted at 20:21h in Condominium Governance, Risk Management

According to the Centers for Disease Control and Prevention, approximately 785,000 Americans suffer their first heart attack every year, while another 470,000 experience their second. Unfortunately, the number of those who die from sudden cardiac arrest is equally disturbing. Medical experts generally agree that the key...

29 Dec Rules Governing Condominium Association Contracts for Products and Services

Posted at 19:19h in Condominium Governance

Florida’s Condominium Act confers broad authority upon condominium associations to manage and maintain the communities they serve. Included within an association’s authority is the significant power to enter into contracts. This power, however, does have its limits. As a general principle, an officer or director of...

20 Dec Condominium Associations Are Not Powerless Against Rule-Breaking Tenants

Posted at 19:03h in Condominium Governance

A consequence of the struggling real estate market is the increased number of condominium units occupied by tenants rather than unit owners. Not surprisingly, many tenants do not have the same commitment--financial or emotional--to the condominium community as owners. As a result, condominium associations have...

02 Nov Condominium Governance: Guiding Unit Owners through Financial Struggles

Posted at 15:07h in Condominium Governance

The overall health and stability of a condominium community is often viewed as a function of the whole rather than the sum of its parts. As such, those choosing to make their home in a condominium community understand the manner and extent to which their...

18 Oct Maximizing Coverage for Multi-Building Condominium Associations in the Event of Insurer Insolvency

Posted at 13:57h in Condominium Governance

If an admitted insurance company becomes insolvent, the Florida Insurance Guaranty Association (FIGA) generally becomes obligated to pay up to $300,000 for each covered claim. However, for multi-building condominiums, the manner in which the association’s property insurance is structured could affect the amount FIGA will...

13 Sep Collecting Unpaid Assessments: Options for Proactively Pursuing Delinquent Unit Owners

Posted at 13:31h in Commercial Insurance, Condominium Governance, Risk Management

Today, condominium residents are feeling the pain of their neighbors' financial struggles, particularly in the form of budgetary shortfalls created by unit owners defaulting on their obligation to pay assessments. Assessments, which represent each unit owner’s share of the funds required to pay the association’s...

14 Jul The More Things Change, the More they Stay the Same: Condominium Associations Must Still Review their Insurance Policies

Posted at 14:37h in Condominium Governance

Condominium associations can be sizeable organizations responsible for overseeing and managing hundreds of residents, possibly thousands. This responsibility often involves hundreds of thousands, or possibly millions of dollars worth of property and revenue. A for-profit organization dealing with similar figures will commit significant resources to...

26 Sep The Need for Directors & Officers Insurance for the Condominium Association Board

Posted at 16:57h in Condominium Governance

What is the difference between directors and officers of a small condominium association and those of a million dollar company? Oftentimes, the differences are found in levels of experience and expertise, and in the large salaries and stock options. In the eyes of the law,...