What high-rise, multi-story managers and boards care about – Atlantic City region

Dozens of high-rise and multi-story managers and board members sat with community association industry leaders at the Chelsea Five GastroPub at the Tropicana Atlantic City May 4th to discuss issues of importance to their associations.  After this, attendees mingled at a cocktail and networking session. If interested in joining one of our future sessions, please let us know at AssociationHelpNow.com (in the “Contact Us” section).

Here are some of the issues that came up at the session:

“Potential legislative and/or regulatory changes connected to reserve funds” — David Byrne, Esq., an attorney with Ansell Grimm & Aaron, PC

“Despite the challenges facing the high-rise property insurance market, there are still a number of insurers that are willing to insure high-rise buildings. Therefore, it is important for high-rise building board members to most importantly consider the expertise of the broker agency and their capabilities to place insurance with those available insurers. On a positive note, FEMA has revised the flood rating program including revisions to rates to make the pricing more equitable and obtainable, including rating on flood frequency, flood depth and velocity on an individual property basis.  Condo owners will be pleased to know that the rating for their individual personal flood coverages will now be rated on the floor located versus ground flood.” — Dawn Becker-Durnin, CIRMS from Acrisure PeopleFirst Property & Casualty Insurance

“Excellent event with great questions from the Managers ranging from extremely hot topics including building structural integrity, reserve funding issues stemming from inflation & EV charging stations and the need to consider both immediate and long term needs as well as the potential impact on the building electrical systems as well as the structure since these vehicles are typically 30% heavier than traditional fossil fuel powered vehicles.” — Steven Lang, AIA, NCARB from The Falcon Group

“Many managers with properties built 20-30 years ago, were starting to require significant repairs to their exterior facade and other structural components. Their buildings located near the ocean tended to experience corrosion and deterioration at a more expedited rate. We discussed the importance of inspections and maintenance.” — Scott Baryiewski from South Shore Construction

“The common concern among all of the attendees was surrounding the recent bank news and how as a Fiduciary, board members, can feel comfortable that the associations funds are safe while gaining the best interest possible.” — Nicole Skaro, CMCA, EBP from CIT, a Division of First Citizens Bank

“To hear the pains of finding quality and trustworthy contractors from property managers and board members, and then brainstorming solutions with each other was the highlight of each round table.” — Charles Tavormina from Diamond Craft Builders

We hope you can join us next time — we’re looking forward to another great event!

– Raymond Dickey