A question has come in about the use of proxies in meetings other than meetings of unit owners. Can proxies be used in meetings of the Board of Directors? Of Committees?
A question has come in about the use of proxies in meetings other than meetings of unit owners. Can proxies be used in meetings of the Board of Directors? Of Committees?
Maine has two condominium laws – one for condominiums created before 1983 and one for those created afterwards. And they are quite different!
HO-6 policies automatically include loss assessments coverage, which reimburse individual unit owners for amounts they must pay the association to reimburse the association for the deductible portion of losses.
HO-6 policies may also include “Special Coverage A”, covering losses to units and betterments installed by unit owners. This is the coverage that typically has a low deductible, and which reimburses the difference between its deductible and the association’s deductible when the unit owner is stuck with paying the associations deductible.
If a unit owner wants to make a claim on the association’s insurance policy, who pays the deductible? This question has become more important as the cost of insurance goes up, and associations choose larger deductibles – $5,000 or $10,000 in some instances. I am hearing different answers from my clients about this. What does your association do?
Powered by WordPress