“I have been in the property management business in South Florida for over 20 years, and, as a result I have had extensive dealings (more than I can count) with insurance companies and lawyers when it comes to dealing with insurance claims for storms, hurricanes, flooding, water intrusion from broken pipes, fires and mold.
We can all imagine the devastation that Hurricane Dorian could have inflicted on our state if it had moved just 100 miles westward and the impact on the associations and residents we work with each day.
My latest dealings with insurance adjusters on claims, just in the last 90 days, is to “deny, delay and devalue” any claim they can to push associations and mangers into some devalued settlement.
One of the most important lessons I have learned in association management is the importance of properly being able to have well documented current condition of properties. Given that a Board’s number one priority in managing the financial condition of the property and protecting property values, I truly believe that every Board of Directors and CAM manager has a fiduciary duty to not only prepare for a potential catastrophic event, but also prepare for the aftermath of the numerous claim-creating events from water intrusion from floods and leaks, fires, regular ongoing damage we all deal with each day.”
Association 1st LLC