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- Tue, 13 Feb 2024 11:00:00 +0000: Colorado’s FAIR Plan Expands Safety Net for At-Risk Properties - Condominium Insurance Law
As Merlin attorney Jonathan Bukowski previously discussed, the Colorado Common Interest Ownership Act (CCIOA) sets forth specific minimum insurance requirements for common interest communities, such as condominiums and homeowners associations (HOAs). These requirements are designed to ensure that common elements and, in some cases, individual units are adequately insured. In addition to the CCIOA, in May... Continue Reading
- Fri, 09 Feb 2024 11:00:00 +0000: Understanding the Interplay Between an Individual Unit Owners’ Policy and Their HOA Policy is Crucial for Submitting Condominium and Townhome Claims in California - Condominium Insurance Law
Of the 39 million potential insureds making up California’s population, over 14 million – or over 35% – live in homeowners association communities. Therefore, understanding whether their property damage claims fall under their individual or association insurance policies is essential to properly recovering insurance benefits. Equally essential is understanding which policy takes priority when property... Continue Reading
- Thu, 25 Jan 2024 17:48:26 +0000: Is Deductible Buy-Down Insurance A Wise Choice For Condominiums? A Basic Guide For Association Boards and Property Managers - Condominium Insurance Law
Deductible buy-down insurance, also referred to as buyback deductible insurance, is designed to reduce the deductible that an insured party would have to pay in the event of a claim. It operates on a simple principle: by purchasing a deductible buy-down policy or endorsement, the insured party can reduce or even eliminate the deductible that... Continue Reading
- Mon, 11 Dec 2023 11:00:00 +0000: Florida Condo Associations: Dodging Floods and Drowning in Premiums? - Condominium Insurance Law
Well, folks, another hurricane season in Florida has come and gone, leaving us with nothing but a collective sigh of relief and the looming specter of potential disaster. In the spirit of commemorating the official end of hurricane season, I urge you to take a moment to reflect on your condo association’s insurance choices. Because... Continue Reading
- Mon, 07 Aug 2023 10:00:00 +0000: Condominium Associations Need to Cooperate and Provide Information to Move Along a Property Insurance Claim - Condominium Insurance Law
Most property insurance companies take too long to investigate, request far too many documents, and delay analyzing the documents after they obtain them so that months pass before a decision is made on the property loss. This is not proper and not in the spirit of good faith claims service all condominiums are promised and... Continue Reading
- Mon, 03 Apr 2023 10:00:00 +0000: Tips For Association Leaders Purchasing Fidelity, Employee Dishonesty, and Crime Insurance for Condominium Associations - Condominium Insurance Law
As an attorney who has represented hundreds of condominium associations following losses, I understand the importance of having the right insurance policies in place to protect your association’s assets and financial well-being. Fidelity, Employee Dishonesty, and Crime Insurance are crucial components of a comprehensive insurance plan for condominium associations. Yet, it is a very complex... Continue Reading
- Tue, 14 Feb 2023 11:00:00 +0000: Understanding a Liability Insurance Carrier’s Duty to Defend - Condominium Insurance Law
When a condominium association finds itself defending a claim asserted by a unit owner, it is imperative to understand what is the association’s liability insurance carrier’s duty to defend the claim. The Ninth Circuit Court of Appeal recently addressed an insurer’s duty to defend in Premier Construction and Remodel, Inc. v. Mesa Underwriters Specialty Insurance... Continue Reading
- Mon, 28 Nov 2022 19:48:23 +0000: Florida Condominium Laws Require Insurance or Fidelity Bond to Reimburse Stolen Association Funds - Condominium Insurance Law
Recent articles in the Miami Herald and Insurance Journal reported on massive fraud from a Condominium Association by its officers, board members, and leaders. The Miami-Dade State Attorney’s Office said it had charged five current and former association board members with racketeering violations, grand theft, money laundering, and fabricating evidence. In addition, two vendors were... Continue Reading
- Fri, 18 Nov 2022 11:00:27 +0000: Is Your California Condo Covered Against Earthquake Damage? - Condominium Insurance Law
If you own a condo in California, it’s a safe bet you are not covered against damage caused by an earthquake (“EQ”). EQ damage is typically an excluded peril under HO-6 and similar condo policies. EQ coverage is required to be offered, but only about 15% of condo owners choose to pay an additional premium... Continue Reading
- Thu, 10 Nov 2022 22:04:12 +0000: Why You Might Need Flood Insurance When You Live in a High Rise Condominium Next to the Ocean - Condominium Insurance Law
High rise condominiums next to the ocean are subject to storm surge and erosion. While rare, I have represented a number of condominiums that collapsed during a hurricane event. Hurricane Nicole has collapsed at least one Florida condominium. A news outlet reported the following: A seven-story condominium building in Daytona Beach partially collapsed Thursday after... Continue Reading