The CAI advocacy summit allows homeowners, board members, managers, and business partners to meet with federal lawmakers to educate them on community association industry policy issues. Here’s why you should attend.
This week, the National Institute of Standards and Technology released its long-awaited findings on the partial collapse of Champlain Towers South in Surfside, Fla. We’ve learned a lot of lessons from Surfside over the past five years. CAI honors the victims and remains committed to condominium safety.
Community associations are typically required to maintain some level of insurance to protect the association, its members, and shared assets from the risk of financial loss. These requirements are shaped by governing documents, laws and regulations, lender requirements, and best practice. One of the most common — and consequential — questions in community associations is about how insurance responsibilities are divided. Who covers what?
Community association boards can take steps to improve their chances of securing better premiums by using some simple yet practical insurance bidding strategies. During a recent CAI webinar, insurance professionals outlined several relatively easy steps boards can take to save money and protect homeowners’ investments when seeking insurance policy renewals in a hard market.
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.
