Condo Media - July 2013 - (Page 40)

vendoR spotliGht Rogers & Gray Specialists in Insurance for Real Estate and Property Management by Pamela Schweppe S uppose you are building a fullservice luxury high-rise condominium community adjacent to a high-end shopping mall. At a cost of $120 million — one of the most expensive buildings in the MetroWest Boston area — it requires comprehensive, specialized insurance coverage. But where do you turn to find the coverage you need? That was the situation confronting Michael Hoda, an employee of Boston’s The Barkan Companies who serves as general manager of Nouvelle Natick. The 215-unit condominium association in Natick, Mass., serves as the focal point of a mixed-use lifestyle and retail destination. The building was still under construction and uninsured when Hoda came on board, so he quickly set about sourcing an insurance provider. The vendor that was most highly recommended to him by his colleagues was Rogers & Gray. Founded in 1906, Rogers & Gray is headquartered in South Dennis, Mass., but serves condominium associations throughout Boston, Cape Cod, the South Shore, and southeastern Massachusetts through its network of satellite offices in Falmouth, Hyannis, Kingston, Norwell, Orleans, Sandwich, and Wareham. Real estate and property management are an important segment of their business, and the staff of 115 currently handles the insurance needs of more than 650 condominium and real estate properties. “I interviewed them in 2008 and didn’t interview any other agents at that point in time,” says Hoda. “Obviously, they were the highest rated, and there was no need to go any further with the process. We signed up with them immediately.” 40 Condo Media • Advertisement Serving the Special Needs of Condominium Associations Because of its connection to the Natick Mall, Nouvelle Natick faced insurance needs that required expertise to negotiate. According to Hoda, the building’s public access created a unique challenge. “You are entering a new realm where the legislature has not identified every law that will affect both structures,” he explains, “so it affects your level of liability. It’s uncharted territory.” Using its experience and expertise in condominium insurance, Rogers & Gray made a survey of the site and was able to quantify the commercial exposure and set the coverage accordingly. “You have to be well versed in condominium law to be able to do that,” says Hoda. To Rogers & Gray, it’s all in a day’s work. They recognize that, to most people, their home is their most valuable asset, and Rogers & Gray representatives are highly trained to customize coverage to fit each unique situation while maximizing any discounts and savings available. One of the unique services they provide condominium associations is the ability to read and interpret the bylaws of each one and tailor the insurance coverage accordingly. “The bylaws of each association are unique,” says Michael Robinson, principal and executive vice president of Rogers & Gray. “When we come in, we do an audit of the association’s insurance program to identify risks, review losses, and make sure their coverage is in compliance with the bylaws.” Among those who appreciate Rogers & Gray’s attention to association bylaws is Craig J. McGowan, president of Mercantile Property Management of Bourne, Mass., a firm that manages condominiums throughout the southeastern part of the state. McGowan first became familiar with the firm more than 15 years ago, when Mercantile began managing a property insured through Rogers & Gray. Today, Rogers & Gray handles insurance for many of the properties managed by Mercantile. “Proper coverage isn’t always a simple thing with condominiums, because each condominium has its own set of bylaws, and each attorney might have put different language in with regard to what type of insurance is required on behalf of the association,” McGowan says. As an example, he cites the case of a property Mercantile began managing last year. The board had begun wondering why the association carried flood insurance, since it was located in an area that was unlikely to flood. Rogers & Gray’s investigation included reviewing the bylaws, where they discovered that the documents required flood insurance coverage. Armed with that knowledge, the board debated amending the documents but ultimately decided against it because of issues that might be raised with banks holding mortgages on the individual units. Offering Comprehensive Service Of course, Rogers & Gray offers wide-ranging types of insurance to its condominium clients, from property, liability, and disaster insurance, including flood insurance, to umbrella coverage. The firm also handles a specialized insurance of particular value to associations: Directors and Officers coverage, designed to protect those who expose themselves to liability simply by making

Table of Contents for the Digital Edition of Condo Media - July 2013

Condo Media - July 2013
From the CED’s Desk
President’s Message
CAI News
CAI Regional News
Asked & Answered
Homeowner’s Corner
Volunteer Spotlight
Vendor Spotlight
2013 CAI-NE Financial-Reserves Directory
Classified Service Directory
Advertisers Index

Condo Media - July 2013