Condo Media - June 2018 - 40
Engaging a company that specializes in risk
management may be one of the best decisions
a self-managed board makes, and will greatly
help you with determining the best strategy to
help you achieve your goals.
As with any activity undertaken, the
self-managed board should review the
success of the program and determine
if changes must be made to improve
the effectiveness of the risk management strategy. The trustees should
evaluate any new maintenance operations and remain constantly vigilant
in the review of vendor insurance
Self-management means that the
board, rather than delegating the
management of the community to
a professional management firm or
property manager, takes on the responsibility of handling the day-to-day
operations in addition to establishing
policy and governing the association.
Although the success of a self-managed
community requires the hard work,
energy and commitment of its board
members, it also means recognizing
one's limitations and using good judgment in making decisions that are in
the best interests of the community,
including utilizing outside experts.
Engaging a company that specializes
in risk management may be one of the
best decisions a self-managed board
makes and will greatly help you with
determining the best strategy to help
you achieve your goals.
Alternatively, many insurance
companies include a risk management
inspection of their insureds as a means
of protecting their claim exposure.
This no-cost risk assessment report
will assist your self-managed association with managing your losses by
providing recommendations of actions
to be taken to reduce the likelihood of
It is of upmost importance to remember that by taking steps to manage
the risks at your property, you can limit
insurance claims and lawsuits.
n PATRICIA BRAWLEY, CMCA, AMS,
PCAM, IS THE OWNER OF CENTRAL
MANAGEMENT AND CONSULTING