Condo Media - February 2018 - 40
THE COMPLAINT IS FRIVOLOUS
By keeping the insurance down and by
keeping it free of minor claims, the premium
will be more stable and predictable.
When we stand back and look at these types of claims in an objective
manner, it is truly hard to believe that the types of disputes giving rise
to these claims can not be resolved short of insurer involvement or
the need for litigation. The fact is that many of these can be resolved.
The reality is, however, that the association is not motivated to resolve
these issues on their own, due in large part to the low deductibles.
Specifically, the association realizes why they have insurance.
D&O INSURANCE DECISIONS
That is the inherent flaw. This should not be the reason for the D&O
insurance. The D&O insurance should apply where the association
truly cannot itself resolve the matter. Moreover, very often, the property manager or managing agent is too quick to submit this to the insurer to stay out of the mix. This is a key job of the property manager,
to manage and to be the professional staff for the board.
The nature of the D&O policy is that the insurers spend money in
defense and claims expenses, not indemnity. The directors and officers
in most cases act in the utmost good faith and within their fiduciary
capacity. However, there will always be someone who does not agree
with the decisions being made, there will always be someone who
believes they are being treated differently than others, and there is
always someone who believes that their board is acting in its own best
interest. Rarely is that the case. We believe that if those who make
these frivolous complaints understand that they will be absorbing
some of the expense for their complaints, they may be less motivated
to be quick to pull the trigger and will be more likely willing to try and
resolve the issue.
In addition to the increase in deductible, which we believe will help
develop problem solving mechanisms for the association, we believe
that the instigation of an alternate dispute resolution provision is
another method of minimizing the unnecessary use of insurance and
the minimizing of costs.
What I propose is that the association asks itself: Why do we have
a minimal deductible? The association should also ask the property
manager and insurance professional why they have the low deductible.
After asking this question, the association should determine whether
it would be in its best interest to increase the deductible both for
problem-solving and cost-saving measures. We believe that the need
for the low deductible is a bad habit whose time has come and gone.
■ JOEL W. MESKIN, ESQ., CIRMS, CCAL,
IS VICE-PRESIDENT OF COMMUNITY
ASSOCIATION PRODUCTS WITH
MCGOWAN & COMPANY, INC.
40
CONDOMEDIA
Condo Media - February 2018
Table of Contents for the Digital Edition of Condo Media - February 2018
Table of Contents
Condo Media - February 2018 - Cover1
Condo Media - February 2018 - Cover2
Condo Media - February 2018 - Table of Contents
Condo Media - February 2018 - 2
Condo Media - February 2018 - 3
Condo Media - February 2018 - 4
Condo Media - February 2018 - 5
Condo Media - February 2018 - 6
Condo Media - February 2018 - 7
Condo Media - February 2018 - 8
Condo Media - February 2018 - 9
Condo Media - February 2018 - 10
Condo Media - February 2018 - 11
Condo Media - February 2018 - 12
Condo Media - February 2018 - 13
Condo Media - February 2018 - 14
Condo Media - February 2018 - 15
Condo Media - February 2018 - 16
Condo Media - February 2018 - 17
Condo Media - February 2018 - 18
Condo Media - February 2018 - 19
Condo Media - February 2018 - 20
Condo Media - February 2018 - 21
Condo Media - February 2018 - 22
Condo Media - February 2018 - 23
Condo Media - February 2018 - 24
Condo Media - February 2018 - 25
Condo Media - February 2018 - 26
Condo Media - February 2018 - 27
Condo Media - February 2018 - 28
Condo Media - February 2018 - 29
Condo Media - February 2018 - 30
Condo Media - February 2018 - 31
Condo Media - February 2018 - 32
Condo Media - February 2018 - 33
Condo Media - February 2018 - 34
Condo Media - February 2018 - 35
Condo Media - February 2018 - 36
Condo Media - February 2018 - 37
Condo Media - February 2018 - 38
Condo Media - February 2018 - 39
Condo Media - February 2018 - 40
Condo Media - February 2018 - 41
Condo Media - February 2018 - 42
Condo Media - February 2018 - 43
Condo Media - February 2018 - 44
Condo Media - February 2018 - 45
Condo Media - February 2018 - 46
Condo Media - February 2018 - 47
Condo Media - February 2018 - 48
Condo Media - February 2018 - 49
Condo Media - February 2018 - 50
Condo Media - February 2018 - 51
Condo Media - February 2018 - 52
Condo Media - February 2018 - 53
Condo Media - February 2018 - 54
Condo Media - February 2018 - 55
Condo Media - February 2018 - 56
Condo Media - February 2018 - 57
Condo Media - February 2018 - 58
Condo Media - February 2018 - 59
Condo Media - February 2018 - 60
Condo Media - February 2018 - 61
Condo Media - February 2018 - 62
Condo Media - February 2018 - 63
Condo Media - February 2018 - 64
Condo Media - February 2018 - 65
Condo Media - February 2018 - 66
Condo Media - February 2018 - 67
Condo Media - February 2018 - 68
Condo Media - February 2018 - Cover3
Condo Media - February 2018 - Cover4
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