Friday, August 29, 2008

Insurance Deductible – who pays?

By Elaine Anghel

Insurance Deductible Resolution –

Do you have a policy in place regarding how the master insurance deductible would be handled in the event of a loss involving an insurance claim? Who will absorb the cost of that deductible? The homeowner? The association? It may be dictated in your governing documents. Maybe it depends on the cause or which of the two parties were responsible for the maintenance of that element that created the damage.

It is very important that your association have a resolution in place with regards to this issue. Be ahead of the game; understand how you’ll handle your insurance deductible before you have the circumstance staring you in the face!! Your manager can facilitate this resolution by having your association attorney review your documents and create a resolution for you.

Thursday, August 28, 2008

New Legislation for 2008

By Elaine Anghel

The following represents the changes in the law this year which are minimal, compared to prior years. I would like to extend a “thank you” to all board and committee members who played a part in contacting their state representatives, and to those that contributed to the CAI $1 per door campaign. Thanks to your efforts, Tri-City’s support and interest, and the combined efforts of the lobbyists through AACM and CAI, we were able to be heard on many levels to help ensure bad legislation was not passed.

House Bill 2726 has been signed by the Governor and has an effective date of January 1, 2009. House Bill 2440 and Senate Bill 1258 go into effect on September 26, 2008 (which is 90 days after the session adjourned on June 27, 2008).

  • HB 2726/Pre-1986 Condominiums and the Condominium Act – if your association is not a pre-1986 condo, this does not apply to your community. If you are a pre-1986 condo, your manager has a detailed outline explaining how this law affects the operations of your association.
  • HB 2440/Circulation of Political Petitions – This law restricts associations from prohibiting the circulation of political petitions on property dedicated to the public within their communities.
  • SB 1258/Timeshare Foreclosures – this law does not apply to your association, as you are not a timeshare. However, an outline has been provided to you in the event you are curious as to the contents.

An outline of these laws have been made available to each of you and if I can assist in answering any questions, please call me anytime!