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Tag Archives Insurance

Review Your Insurance Policy to Ensure That Your Claim Won’t Be Decided in—New York?

Florida was battered by Hurricane Irma in 2017 and Hurricane Michael in 2018. Many individuals, businesses, and associations are still trying to recover from those devastating storms. It is common for insurance litigation to linger for years, even decades, after the storm has passed. Indeed, Hurricane Wilma related disputes continue to make their way through …

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Hurricane Insurance Claims for Condominium Associations

There is a lot of information on how associations can prepare for hurricanes but much less information as to what happens after the hurricane, particularly as it pertains to insurance claims. A question that managers and board members need to consider is, what is required after a hurricane to ensure compliance with your insurance policy …

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Staggered Terms Explained

Q:        The board of my condominium association is elected for “staggered terms” according to our bylaws. What does this mean? (D.L. via e-mail)

A:        The Florida Condominium Act provides that directors’ terms generally expire at the next annual meeting after their election. However, directors may serve two-year …

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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 damage. …

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Condo Insurance Requirements

Question: What is the new law concerning condo air-conditioners? Is there a new law?

Answer: The association’s insurance policy must include coverage for the HVAC system – the air conditioning units, compressors, thermostats, duct work, etc., when in the past air conditioners serving the unit were insured by the …

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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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