2011 August
2011 August Vol. 9, No.8
Focus on...Insurance/Board Training
The ABC's of D&O
Good afternoon—and welcome to the board. Your mission should you choose to accept it is to make
decisions to better your building. The residents may not like you and, more
importantly, may not like those decisions. Nevertheless, keep doing the job you’re doing. In a worst-case scenario, you will be sued. Perhaps more than once.
Should anything go wrong, don’t worry; you’re protected by the board's D&O insurance. Good luck.”
Read More
Natural Disasters in New Jersey
New Jerseyans got a taste recently of Mother Nature’s wrath this spring when some of the worst flooding in decades damaged and
destroyed homes and memories throughout Northern New Jersey. Read More
Not Your Grandfather's Policy
Recent developments, both legislative and environmental, have led to
considerable changes in the New Jersey insurance marketplace. And such changes,
as managers know, often lead to added paperwork, confusing requirements, and
tricky legal questions for condo boards. While many new insurance products—such as the heavily-hyped “terrorism coverage”—have failed to catch on for the condo market, modifications in traditional
coverage have altered the insurance picture in ways previously unseen Read More
Insuring the Extras
Most homeowners love the idea of having a swimming pool, athletic court or
health club as part of their association’s grounds because it adds value to their property and it gives them something
fun to do throughout the year. But HOAs that offer these additional features
are responsible for having supplemental insurance to cover the liabilities they
bring.
Read More
Keep on Learning
To be an informed board member is the goal. For both new and seasoned members,
however, there are countless challenging topics requiring specific knowledge.
With new regulations and legislation on tap, it is imperative that board
members understand these niche categories, an approach best supported by
continuing education for board members.
Read More
Training Day
Co-ops and condos function thanks to the dedication of board members who
volunteer their time and expertise to make sure their building or HOA is
efficiently run and that their investment is protected. Ideally, new board
members might be architectural students, who moonlight as attorneys or work day
jobs as CPAs. The reality is that the majority of these selfless folks are from
all walks of life. They don't necessarily have a wealth of experience that will
prepare them for their new challenge, and for these well-rounded homeowners,
basic board training can be invaluable.
Read More
NAMIC
The National Association of Mutual Insurance Companies is the largest and most diverse national property/casualty insurance trade and political advocacy association in the United States. Read More
Q&A: Commercial Parking Allowed?
I live in a 55-and-over community in Hamilton, N.J. Both our public offering statement (POS) and our bylaws prohibit commercial vehicles to park anywhere in our community on an overnight basis. A commercial vehicle has been parking in one of the residence driveways and in our clubhouse parking lot every day for the past 25 or so days. Read More
Q&A: What Goes on at an Open Meeting?
I wonder what your take is on open meetings. Are all shareholders and unit owners invited to attend? Are they allowed to make comments? Are they allowed to attend the entire meeting? Is there some portion of the meeting that relates to litigation or personal matters, such as a specific personal matter concerning a unit owner that should be discussed in private? Is everything else discussed in an open meeting? Read More
Q&A: Dealing with Abusive Behavior
We are a small seasonal condominium complex in need of guidance. Problems with the owners of one of our units occur every summer. The most recent incident, a repeat of incidents that have occurred in the past, involved abusive language and profanity in the presence of renters and their children when our teenage pool monitor attempted to correct this owner’s child who was doing something that was not allowed in the pool area. A verbal expletive was directed to the young monitor. The safety rules are posted and are clear concerning what is and is not allowed by the pool and on the deck. Read More
