AdministratorApril 10, 2022 at 9:24 am
Thanks Mark. Your points are well taken. Here at Fairway Village we are “self-managed” and successive boards have been very proactive in preventive maintenance. The buildings are now 22 years old and we have had a couple claims over that time however never due to any of the items you list. We do require owners/residents to provide insurance affirmation to ensure they have proper coverage. We periodically “educate” our owners on many topics, including insurance. Our “Insurance Certificate” (which gets distributed to all owners and residents annually upon renewal) is annotated on the back with the excerpt from our By-laws with the article governing insurance as well as an explanation on deductibles and when and to whom they apply.
As I mentioned to Terry, the issue of obtaining insurance for Condo Corporations is a growing concern and is anticipated to get much worse. As it is necessary and a legal requirement to have condo corporation insurance, our governments need to be a partner in finding solutions. Human error is always going to be there; there is no cure for “______” (fill in the blanks).