Things have stabilized at the Hammocks Community Association near Miami more than three years after local prosecutors began filing criminal charges against previous board members for allegedly defrauding owners of more than $2 million in a financial fraud scheme. Every instance of financial fraud serves as a reminder, professionals say, of the importance of owner vigilance and the need for safeguards and controls.
Community association boards should act now to protect their communities from cybersecurity threats, and can use simple and inexpensive methods to protect sensitive data against cyber crime and breaches, according to an insurance expert. To protect themselves in case of an attack or breach, community associations also should research and invest in cyber crime insurance policies.
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.
Freddie Mac took a giant step toward transparency last week when it announced sweeping changes to its condominium and housing cooperative financing system. The government-sponsored enterprise that underwrites mortgages is introducing a tool that indicates whether a community is “certified” for financing or “not eligible”—and providing guidance that explains why a community may not be eligible.
Over the past 50 years, CAI and its members have grappled with exciting, frustrating, and sometimes grueling issues. What challenges and opportunities await CAI over the next few years? We asked leaders in the industry to share their perspective.
