Insurance Complexities Create Challenges and Liability Risks for Condo Boards and Managers

/ Owner - April 28, 2015

“My condo community is insured for full replacement value,” the board’s president announced confidently. “Our manager assures us,” he added, “that we have all coverage we need.” I hear these confident assertions often, and they make me shudder. Many condo associations have learned through painful experience that their full replacement policy may not fully cover a devastating loss. Some association managers and insurance agents have found themselves in serious legal and financial trouble for suggesting that it would.      Read the article…………

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