Condo Media - February 2017 - 33

Pitfall Number Five: Boards and
managers don't always communicate
insurance information effectively to
owners. This isn't just a matter of explaining HO6 policies and why owners need
them. It is equally important, Pierce says,
to explain insurance protocols. Owners
don't always understand, for example, that
they shouldn't contact the association's
insurance agent directly; they should call
the board or the manager to report claims
or ask questions about them.
"I don't mind fielding an occasional
phone call from an owner," Pierce says.
But answering 30 queries from 30 different owners calling about the same claim
would be neither welcome nor efficient.
Allowing owners to file claims directly
with the agent or the carrier could also be
costly for the association, Pierce points
out. A board might have concluded that it
is better for the association to pay small
master policy claims to avoid a premium
increase. Owners, unaware of that risk

management strategy, might file a claim
the association would have preferred
not to report. "It is much better for the
association if the board and the manager
handle the claims process," Pierce says.
Pitfall Number Six: Boards don't give
insurance sufficient thought. Insurance is a lot more complex than most
people realize, Pierce says, and boards
responsible for purchasing coverage
should recognize the complexity and
"give the insurance process the respect
it's due." That means, among other
things, not focusing exclusively, or even
primarily on price. If your only concern
is the premium, he cautions, the association may not get the coverage it needs.
"It's not just a matter of getting what
you pay for," he adds. "In a competitive
marketplace, you can get a good price
for appropriate coverage"-but only if
you understand what constitutes appropriate coverage for your community.

Pitfall Number Seven: Boards don't
get the expert insurance advice
they need. And that advice should
come from an agent who specializes
in condominium insurance, Marcus
emphasizes. "Under my health insurance policy, it costs me no more to use
the best doctors than the worst," and
he suggests, the same theory applies
to insurance agents. "It won't cost any
more to use one of the top-tier agents,
who are known for working with
condominiums," he explains. Working with a less knowledgeable, less
experienced agent, on the other hand,
could end up costing the association a
great deal.

■ NENA GROSKIND IS PRESIDENT
OF ECONTENTPLUS, PROVIDING
EDITORIAL CONTENT FOR
WEBSITES, PRINT AND ELECTRONIC
NEWSLETTERS, AND MAGAZINES.

Superior Interior and Exterior Contracting
Landmark Associates offers interior and exterior contracting for
condominium associations and property managers to maintain and
improve their buildings. From capital projects to restoration contracting,
Landmark will be a trusted member of your team. We'll make the most
of your budget while achieving your construction/renovation goals.

CONTACT US!
(508) 482-0104
www.landmarkassoc.com

Hovey Square Condos. Full siding
and deck renovation. Dracut, MA.

February 2017

33



Condo Media - February 2017

Table of Contents for the Digital Edition of Condo Media - February 2017

Table Of Contents
Condo Media - February 2017 - Intro
Condo Media - February 2017 - BB1
Condo Media - February 2017 - BB2
Condo Media - February 2017 - Cover1
Condo Media - February 2017 - Cover2
Condo Media - February 2017 - Table Of Contents
Condo Media - February 2017 - 2
Condo Media - February 2017 - 3
Condo Media - February 2017 - 4
Condo Media - February 2017 - 5
Condo Media - February 2017 - 6
Condo Media - February 2017 - 7
Condo Media - February 2017 - 8
Condo Media - February 2017 - 9
Condo Media - February 2017 - 10
Condo Media - February 2017 - 11
Condo Media - February 2017 - 12
Condo Media - February 2017 - 13
Condo Media - February 2017 - 14
Condo Media - February 2017 - 15
Condo Media - February 2017 - 16
Condo Media - February 2017 - 17
Condo Media - February 2017 - 18
Condo Media - February 2017 - 19
Condo Media - February 2017 - 20
Condo Media - February 2017 - 21
Condo Media - February 2017 - 22
Condo Media - February 2017 - 23
Condo Media - February 2017 - 24
Condo Media - February 2017 - 25
Condo Media - February 2017 - 26
Condo Media - February 2017 - 27
Condo Media - February 2017 - 28
Condo Media - February 2017 - 29
Condo Media - February 2017 - 30
Condo Media - February 2017 - 31
Condo Media - February 2017 - 32
Condo Media - February 2017 - 33
Condo Media - February 2017 - 34
Condo Media - February 2017 - 35
Condo Media - February 2017 - 36
Condo Media - February 2017 - 37
Condo Media - February 2017 - 38
Condo Media - February 2017 - 39
Condo Media - February 2017 - 40
Condo Media - February 2017 - 41
Condo Media - February 2017 - 42
Condo Media - February 2017 - 43
Condo Media - February 2017 - 44
Condo Media - February 2017 - 45
Condo Media - February 2017 - 46
Condo Media - February 2017 - 47
Condo Media - February 2017 - 48
Condo Media - February 2017 - 49
Condo Media - February 2017 - 50
Condo Media - February 2017 - 51
Condo Media - February 2017 - 52
Condo Media - February 2017 - 53
Condo Media - February 2017 - 54
Condo Media - February 2017 - 55
Condo Media - February 2017 - 56
Condo Media - February 2017 - 57
Condo Media - February 2017 - 58
Condo Media - February 2017 - 59
Condo Media - February 2017 - 60
Condo Media - February 2017 - 61
Condo Media - February 2017 - 62
Condo Media - February 2017 - 63
Condo Media - February 2017 - 64
Condo Media - February 2017 - Cover3
Condo Media - February 2017 - Cover4
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_202307
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https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201912
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201911
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201911_v2
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201910
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201909
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https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201905
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https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201812
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https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201712
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201711
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201710
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201709
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https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201705
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https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201701
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201612
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201611
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201610
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201609
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https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201601
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201512
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201511
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https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201509
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https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201501
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201412
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https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201409
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