PALM DESERT, Calif., March 08, 2023 (GLOBE NEWSWIRE) — Associa Desert Resort Management (DRM) – a leading provider of community management services throughout the Coachella Valley and Big Bear Mountain areas, is pleased to spotlight eight team members recognized for their contributions in 10 different award categories at the annual Community Associations Institute – Coachella …
The legal liability of knowing your fellow board members, even with approval from your association attorney is breaching fiduciary duty and similar scenarios. The topic is an adaption from CAI Law Seminar’s class, “Aiding & Abetting: Lawyer Liability for A Client’s Breach of Fiduciary Duty”. Your “no” vote may not be enough to keep you …
Big construction ticket items True replacement value Co-insurance: why the percentage matters When HOA documents state you must have 100% replacement value Deductibles Guaranteed replacement cost Inflation guard coverage Blanket coverage BOD liability in the event of a catastrophic loss Statutory minimum requirements Reserve big ticket items How to finance big ticket items
What are Covenants, Conditions, and Restrictions? In Ohio, Covenants, Conditions, and Restrictions (“CC&Rs”) are known as the declaration and bylaws. The declaration is a document filed with the county that declares the deed restrictions and designates the property as a planned community. Bylaws are a document also filed with the county that provides for the …
Must an association have written election procedures? It is not a statutory requirement that an association have a written election procedure; however, it is normal for an association to have an election procedure set forth in its bylaws. Is there a legal obligation to provide notice of an election? There is a requirement for notice …
What is a transition? “Transition” refers to the process where a developer of an association turns over or “transitions” control of the Association to its owners as required by the recorded restrictions or state law. What if construction defects or problems are found prior to transition? The developer and builder remain liable for construction deficiencies, …
What is a construction defect? A construction defect is a deficiency in design or workmanship completed by the developer or builder, usually as a result of something being completed not to building code or industry standards, which is not the result of a failure to maintain by the association. When is a defect a concern …
Accounting Brad Schneider, CPACondoCPA, Inc.Brad L. Schneider CPA331-979-7217Brad@CondoCPA.comwww.condocpa.com Banking Thomas Engblom, Ph.D, CMCA, AMS, PCAM, ARM, CPM Vice President Regional Account Executive MidwestCIT Group Inc.(312) 209-2623thomas.engblom@cit.comwww.cit.com Insurance Joel Davis, CPCU, CIC, CIRMSCommunity Association Underwriters of America (CAU)2300 North Barrington Road, Suite 400Hoffman Estates, IL 60169(847) 278-8810jdavis@cauinsure.comwww.cauinsure.com Legal Robert PrinceCervantes Chatt & Prince P.C.111 W. Washington …
NATIONAL: We asked insurance professional Dawn Becker-Durnin: If a spy balloon fell and damaged association common property, would it be covered by insurance? Dawn responded, “It depends! For Property coverage, falling objects are covered under specified causes of loss (special form or all risk property policies); however damage to the interior will be excluded unless …
