Over the past year, most of the country has felt the effects of a hardened insurance market. Community associations are seeing fewer insurance options, experiencing more scrutiny regarding what insurance companies will write, and getting forced to find coverage more often in the surplus lines market. As community associations look at their insurance premiums and consider renewal, experts recommend seven steps for finding the best coverage.
Disaster recovery efforts can be complicated even without a challenging insurance market. Valencia on the Gulf, a condominium community nestled on the normally picturesque beach in Venice, Fla., was among the many neighborhoods that got hammered by Hurricane Ian. Under the leadership of its community manager, Valencia is well on its way to recovery.
The job of the community association manager is part financial management, urban planning, facilities maintenance, community development, volunteer management, and project management. Good managers also learn to master seven soft skills and knowledge.
Community associations must take seriously new mandatory filing requirements under the Corporate Transparency Act, legal experts advise. Existing community associations must comply with the law’s reporting requirements by Jan. 1, 2025. New community associations have 30 days after incorporation to file. Information also must be updated following changes in governance such as the election of directors.
Jeevan J. D’Mello, CMCA, AMS, LSM, PCAM, chief executive of Zenesis Corp., in Dubai, United Arab Emirates, began his term as president of the CAI Board of Trustees earlier this year, ushering in a new era of global collaboration and local impact in the organization’s more than 50-year history.