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Insurance
The Chicagoland Cooperator's Condo, HOA & Co-op Expo
With the sun beating down on the shores of Lake Michigan and the mercury nudging
the top of the thermometer, it may seem strange to think ahead toward late
autumn and beyond, when the Chicagoland area's condo and HOA communities will
be battening down the hatches for another Midwest winter.
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Insurance Fraud!
Last year the co-owners of a Chicago realty company that managed dozens of
condominium properties were charged with fraud for stealing more than $2
million in assessment payments between 2005 and 2008. They trio covered up
their fraud by creating false monthly financial reports for the accounts of
each property managed and used the money to pay off personal debt they had on a
real estate project.
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Protect Yourself
Serving on one's condo or association board is sometimes a rough job; there are
tough decisions to make that impact the lives of one's own friends and
neighbors, priorities to set that cannot possibly please everyone, and
financial challenges that can make running even a small community feel like a
game of roulette.
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Mind the Gap
Insurance is designed to be there for us when we need it most. Without knowing
the full extent of our coverage, though, we may find ourselves with less
protection than we thought. For condominium owners, it is imperative to
understand exactly what liabilities and risks are covered by individual
resident homeowner policies and what is covered by the building’s policy.
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For Every Season
It's no secret that the insurance industry is big business; there are
approximately 2,000 companies competing for market share, which means that
co-op, condo, and HOA boards have their work cut out for them when it comes to
understanding the subtle nuances embedded in their insurance policies.
According to the pros, many (if not most) boards are less than well-informed
about their policies and risk exposure.
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How Much is Enough
Legendary funny man Benny Goodman once said, “I don’t want to tell you how much insurance I carry with the Prudential, but all I can
say is: when I go, they go, too!” The comedian hits on all-important issue: how much insurance is too much, and
how much is not enough?
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Not Your Grandfather's Policy
Recent developments, both legislative and environmental, have led to
considerable changes in the Illinois 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.
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From Health Clubs to Hot Tubs
Pools, hot tubs, saunas and gyms are big-ticket, high-demand amenities. They add
value and enjoyment to properties without question—but they also come with major considerations when it comes to insurance
coverage.
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The More You Know...
Meet John Anderson. He is your friendly association board member. He doesn’t know much about being on a board. He simply wanted to help his community, and
he’s very willing to learn. And then there’s Anne Davis. She has been a member of the board for a few years, but it’s been said that she doesn’t communicate very well with non-board residents, and still has a hard time
understanding certain rules and regulations that the board must follow.
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The Insurance Puzzle
Insurance is a relatively simple concept that any homeowner can understand. You purchase a policy paying a premium to an insurer, and when a claim gets
filed, the insurer pays. So in theory, insuring a condominium or association
property should be virtually the same principle—only on a larger scale, right?
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