You know that your association needs to have the right insurance coverage in place. So you have property coverage, liability insurance, workers’ compensation, directors and officers (D&O) and an umbrella policy in place. Premiums are paid regularly and on time. Did you know that’s not enough? Insurance is one area, especially property and liability coverages, that you cannot take a “set it and forget it” approach and still achieve optimum financial well-being for your association.
It’s important to have your insurance coverage reviewed every year, as a matter of course, when you renew your policies. Kevin Wallace, senior vice president for finance and accounting at FirstService Residential, has 25 years of experience in property management. He recommends an annual review, at the very least: “Associations need to track their purchases and get an expert opinion to determine if additional coverage is needed,” he said. “Depending on the complexity of the community and its requirements, an agent, a broker or appraiser can conduct the assessment.”    Read the article…………….