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From an insurance perspective, it is a good idea for a Board to have funds set aside, especially because of the higher deductibles Corporation’s are facing. I don’t believe not having the funds would preclude the Board from obtaining insurance. Many Corporation’s suffer small losses that are below deductible, and having the funds set aside would allow the Board to pay for these smaller losses as opposed to having to special assess. In terms of how claims are handled, typically the deductible is required up front.
