associationletter.pdf |
Association Letter: This letter has to do with an assessment we are required to pay tied to an insurance settlement over storm damage involving our roofs. The damage happened in 2019 and the repair was finally made in the fall of 2021.
Issues:
We've never been able to get a straight answer about these things:
Why did this letter come from the attorney and not from the board or management company?
The law the letter is quoting says only that the association is responsible for the difference. It doesn't say home owners have to be assessed. Our association has the money to pay for the difference without an assessment.
Issues:
We've never been able to get a straight answer about these things:
- The amount of damage
- Why the settlement took so long
- What effort there was to resolve it appropriately
- Why the amount of the settlement was what it was
- Why the policy was terminated by the insurance company
- Proof of effort to replace the policy in an appropriate manner
Why did this letter come from the attorney and not from the board or management company?
The law the letter is quoting says only that the association is responsible for the difference. It doesn't say home owners have to be assessed. Our association has the money to pay for the difference without an assessment.
charginginterestletter.pdf |
Charging Interest Letter: This letter came from FSR and is about their offer to let owners make payments, if needed, for the assessment related to the insurance claim.
Issues:
The law that is quoted doesn't require interest to be paid. It only allows the option and provides guidance for when someone does charge interest.
Our board could have asked FSR to waive this condition, but they don't do it.
Any interest collected by this effort doesn't go to the association. FSR gets the money.
Issues:
The law that is quoted doesn't require interest to be paid. It only allows the option and provides guidance for when someone does charge interest.
Our board could have asked FSR to waive this condition, but they don't do it.
Any interest collected by this effort doesn't go to the association. FSR gets the money.
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woods_at_elk_river_-_declaration.pdf |
Package Policy: This is the new policy that was issued after the initial policy was cancelled.
Issues:
The new policy lists FirstService Residential as a named insured on the policy. (Note the previous policy also covered them under liability and D&O insurance)
The policy doesn't name any of the board members
Page 14 of the declaration says this:
Issues:
The new policy lists FirstService Residential as a named insured on the policy. (Note the previous policy also covered them under liability and D&O insurance)
- The agent says he "does that for all associations"
- Neither the board nor FSR asked for it to be removed
The policy doesn't name any of the board members
- I asked the agent to name the board members who are insured. His reply was that he doesn't need names for them, he only needs a number.
- The policy was purchased at the beginning of September. As of 10/31/2021 there were still no instructions or assistance from FSR to do this.
Page 14 of the declaration says this:
- If the association hires a management agent and the management agent handles funds for the Association, the Association must require the management agent to obtain and maintain a fidelity insurance policy providing substantially the same coverage as the Association's policy. FSR is making our association pay for it.