Insurance – Lithium Batteries Pose Issue for HOA and High-Rises
In three short video interviews we explore the hazards, liabilities and possible obligations of boards to create rules and regulations in regard to resident’s lithium-ion battery devices.
Because of the fire risks associated with lithium-ion batteries, insurers are scrutinizing the storage practices of associations and residents with their lithium-ion battery devices. While they may not be looking at smart phones, they may start looking for associations to regulate items like hoverboards, electric scooters and e-bikes (we discuss electric cars in another program).
Attorney David Byrne, Esq discusses the legalities of these issues. Some of the conversation involves the difficulty when boards have to juggle rule development with residents and maintain insurance. Plus, the discussion includes possible conflicts with scooters used for disabilities.
Regulating Storage of Lithium-Ion Batteries Devices:
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In the second video, “Insurance and Lithium-Ion Batteries” Michael Luzzi, EBP, CPIA discusses the possible future insurance issues.
Insurance and Lithium-Ion Batteries:
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Lastly, attorney Gregory Vinogradsky, Esq, provides a real-case example of a high-rise restricting lithium-ion battery vehicles like e-bikes. He discusses the why, process and response. He also discusses how government is also looking the residential storage of these devices.
Lithium-Ion High-rise Condo Battery Restriction:
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Compliance with possible new guidelines not only ensure the safety of residents and property but also plays a crucial role in obtaining insurance coverage.
Boards and managers should watch these short interviews to prepare for possible future compliance requirements and rule development.
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Answers and advice do not constitute legal or other professional advice. Consult your legal, accounting and other professionals to assess any situation before taking action.