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Tag Archives insurance

Associations Should Proceed with Caution After Storm

Three weeks after Hurricane Irma, power and communications have been restored to most areas. Associations have had time to address their property damage, although under very difficult circumstances, including extended periods of being without electricity. By now, the following list of items should have been accomplished, except perhaps for communities experiencing the most significant …

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FHA Approval Huge Factor in Marketability of Units

HUD Implements New Approval Process for Condominium Projects to Qualify for FHA Insured Mortgages.
Website Allows Users to Search for FHA Approved Projects.
On June 12th the Department of Housing and Urban Development (HUD) published Mortgagee Letter 2009-19 announcing the new process for approval of condominium projects. As previously reported on this Blog, Fannie Mae, a federally backed lender, announced several changes to its standards, including the imposition of PERS review.

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Indemnity and the Association, Part 2

Last week I wrote about Indemnification. Specifically about hiring contractors and ensuring that contract clauses were properly worded so that the Association was being indemnified and not providing the indemnity. At the end, I concluded by noting that indemnification in the absence of adequate insurance may be illusory. What does that mean? Remember that …

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Differences in Insurance Requirements for Condominiums vs. Cooperatives in Florida

Much has been written about the insurance requirements for condominium associations and condominium owners. The Florida Condominium Act has been amended significantly over the years in this regard. Major changes resulted from the 2003 legislative session, by defining the terms “building”, “condominium property,” “insurable improvements,” and other terms contained in declarations …

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