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Slab Leaks - Covered or Not?

If you manage community associations, more specifically condominium communities, it is very likely that you've dealt with a slab leak. They're sudden, they're unforeseeable and they can be expensive. But are they covered by insurance? To take a step back, a slab leak is a water loss where a plumbing line in the building's foundation (slab) ruptures, causing water to come up through the foundation and damage the property. As with the very best of insurance questions, the...

Tue, 20 Jun 2017

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Newsletter Content - Loss of Use

There are many benefits to obtaining a personal condominium homeowners policy (known as an “HO-6”), though one of the best reasons to carry this coverage is for a protection known as Loss of Use. As an owner, have you ever wondered who will be paying for your relocation expenses in the event of an unexpected property damage incident in your home? Look no further than the loss of use coverage item in your HO-6 policy. While many owners may assume that it will be the ass...

Tue, 20 Jun 2017

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To Claim or Not to Claim?

One of the areas that many managers and boards find themselves getting into hot water on with regularity is making declarations about what types of claims the HOA's policy will and will not cover. We've seen this litigated more than a few times, so it is important to remember that coverage is based on the cause, not origin, of the loss. Virtually no condominium communities maintain the interior of the owners' units, so it is common that boards and managers alike inform own...

Fri, 12 Aug 2016

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Directors & Officers Liability: Silence is not golden for HOAs.

We`ve all heard the proverbial saying "silence is golden" for situations where biting one`s tongue is preferable to speaking on a particular matter. For community associations, applying the "silence is golden" approach to known issues can expose the association and its members to uninsured liabilities. Directors & Officers Liability ("D&O") Insurance is the policy that community associations carry to protect its elected or appointed representatives, employees, managing agent...

Thu, 07 Apr 2016

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