Brad Jacobson presented with regard to the condo association’s insurance package.
The main discussion regarding the incident last year, surrounding a unit owner’s suspected lightning loss to an A/C unit (later discovered it was not damaged due to lightning, so no coverage anyway).

Brad recommended not endorsing the policy with an amendment that limited the association’s policy (this was discussed at the 2013 annual meeting).

Consideration: amend bylaws to clarify or more clearly specify what individual limits of coverage unit owners should actually have on their individual policies. The decision to amend the bylaws was tabled in favor of furthering educating the unit owners on the limits of “building” coverage we should each have.

Brad recommended at least $60,000 of building coverage on the individual policies. Do not mistake this recommendation for coverage each one of us should have on personal property – that will vary from unit owner to unit owner. If you have questions, please let John Hlas know or better yet, consult with your own insurance agent

IMPORTANT INFORMATION
REGARDING ASSOCIATION INSURANCE COVERAGE

PRESENTED BY STATE FARM AGENT BRAD JACOBSON DURING JANUARY 8, 2014 BOARD MEETING
Clarified in March 27 letter

 

 

CLICK HERE FOR PDF FORMAT FILE OF BRAD'S LETTER THAT YOU CAN PRINT