Brad Jacobson presented with regard to the condo association’s insurance
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
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
REGARDING ASSOCIATION INSURANCE COVERAGE
PRESENTED BY STATE
FARM AGENT BRAD JACOBSON DURING JANUARY 8, 2014 BOARD MEETING
Clarified in March 27 letter