My own figuring for building insurance additional cost for the 2009 water damage 'mistake', for 7,854 units is $296,161.00 this year.
Call it $300K this year. Not including personal insurance deductibles, and personal distress and displacement costs, and insurance costs for future years.
Calculation: I looked at Income/Expense for my 24-unit bldg. The difference in the insurance budget is approximately $75/mnth more than originally budgeted. $905/year. The management co. concurred. I figure that is the increase of Max Specialties over original Universal Insurance numbers. Please correct if you have better.
When is next meeting of the Insurance Cmte. they should have exact figures.
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From the desk of Peter Amato
ReplyDeleteCan you clarify this
This is the best I can do in answer to INCREASE IN INSURANCE PREMIUM 3/18 and FINANCIAL CONSQUENCES OF RASH ACTION 3/14. Looking back I see Randall and others had same results.
ReplyDeleteNLASA
Hi All,
ReplyDeleteThe first step is to reconstitute the Insurance Committee so as to have some folks who have had some real experience in the Insurance industry.
Next step is to demand that the Plastridge Agency be responsive to our requests and needs.
The first test case will be getting copies of all of the policies delivered to each Association by mail.
Having these policies as part of the Association records is a requirement of FS-718.
We will also require copies of all of the policies in Adobe PDF, computer searchable mode, for those who so desire.
This will allow us to analyse the coverages, see what we are paying for, and what we really need?
If you would like to assist in this monumental task, please step up!
Dave Israel