Sunday, November 13, 2011
Insurance Safeguards or Opt Out
Clarification of question at the insurance buffet.
In 1999 Century Village associations agreed that UCO would select the Village building insurance, using proper bid procedures (that was part of the Bilateral Agreement).
If you do not want the UCO insurance choice you need to opt out because you are, by having signed the Bilaterial agreement, included. In the same way, if you don't return any instructions or sign up, you are automatically included. Last year, we didn't hear from many Associations and they were automatically included for UCO coverage. Without the Bilaterial, they would have had no insurance if we didn't automatically include them.
Simply put, you're in unless you opt out. This is the reason UCO asks those Associations who want to place their insurance outside of UCO, to advise us by letter each December. Being double insured is bad, having no insurance is much worse.
Everyone should be informed on the Bilateral Agreement (see Core Docs in sidebar) also the Condominium Act, and Bylaws or Declaration of the Association.
From Toni Salometo