Condo Media - December 2017 - 47

Please don't make the mistake of saying,
"we will never have a total loss," because it does happen.
secure coverage. If you have no history
of water damage and claims, you may
want to consider asking for a policy
without this provision but remember
that having this deductible may be a
useful tool.
■ Wind Deductibles
Depending on your proximity to the
coast and type of construction, you
may have a separate wind deductible.
This can either be a flat number, say
$25,000 per occurrence, or a percentage deductible such as 5 percent
per building. Wind deductibles can
present a large burden to associations financial health or lead to an
assessment should a large claim
occur. Let's say your association has a
replacement cost of $45 million with
a 5 percent building wind deductible,
your maximum risk in a wind event
is $900,000. Let's say at renewal you
are offered a policy at renewal with a
$25,000 flat wind deductible, meaning your maximum risk to wind is
$25,000 but that policy costs $10,000
more a year.
Would $10,000 more a year be worth
reducing the association's possible
budgetary impact by $875,000? This
example shows the importance of
evaluating coverage and not just focusing on price.
UMBRELLA COVERAGE
"How much umbrella coverage should
we purchase?" is a common question
we hear. Generally, this decision falls to
the board.
Community pools are a good example
of why Umbrella Coverage is needed.
Your association has a pool and you
are required by law to have a lifeguard on
duty. Tim, your lifeguard, quits one day
and you have not had a chance to replace
him. Carol, in Unit 5, has a niece, Amy,
visiting. Carol lets Amy go to the pool,
thinking that there is a lifeguard on duty.
Amy, not a great swimmer, sadly drowns.
Amy's parents sue and the jury finds
the association negligent and awards
them $10 million. The association's
general liability pays $1 million and its

umbrella pays $5 million for a total of
$6 million. The association is $4 million
short and now needs to make a major
assessment and is in financial ruin. The
board was offered a $10 million umbrella
but declined because they believed it was
too much coverage and
it cost $500 more a year.
As we approach the end of the year and
budget and strategic planning processes
begin to finalize, associations should give
serious pause to whether they are practicing good risk management. Recently,
Cyber Liability exposure and Directors &

Officers coverage have been hot topics-
even though not traditionally associated
with property management. Your chosen
insurance partner should be one of
your most valuable financial planning
tools and should be offering advice and
consultation on your specific properties'
changing needs.
■ JEFF COTTO IS ASSISTANT VICE
PRESIDENT, SALES EXECUTIVE, BUSINESS INSURANCE WITH ROGERS AND
GRAY INSURANCE.

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December 2017

47



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

Table of Contents
Condo Media - December 2017 - BB1
Condo Media - December 2017 - BB2
Condo Media - December 2017 - Cover1
Condo Media - December 2017 - Cover2
Condo Media - December 2017 - Table of Contents
Condo Media - December 2017 - 2
Condo Media - December 2017 - 3
Condo Media - December 2017 - 4
Condo Media - December 2017 - 5
Condo Media - December 2017 - 6
Condo Media - December 2017 - 7
Condo Media - December 2017 - 8
Condo Media - December 2017 - 9
Condo Media - December 2017 - 10
Condo Media - December 2017 - 11
Condo Media - December 2017 - 12
Condo Media - December 2017 - 13
Condo Media - December 2017 - 14
Condo Media - December 2017 - 15
Condo Media - December 2017 - 16
Condo Media - December 2017 - 17
Condo Media - December 2017 - 18
Condo Media - December 2017 - 19
Condo Media - December 2017 - 20
Condo Media - December 2017 - 21
Condo Media - December 2017 - 22
Condo Media - December 2017 - 23
Condo Media - December 2017 - 24
Condo Media - December 2017 - 25
Condo Media - December 2017 - 26
Condo Media - December 2017 - 27
Condo Media - December 2017 - 28
Condo Media - December 2017 - 29
Condo Media - December 2017 - 30
Condo Media - December 2017 - 31
Condo Media - December 2017 - 32
Condo Media - December 2017 - 33
Condo Media - December 2017 - 34
Condo Media - December 2017 - 35
Condo Media - December 2017 - 36
Condo Media - December 2017 - 37
Condo Media - December 2017 - 38
Condo Media - December 2017 - 39
Condo Media - December 2017 - 40
Condo Media - December 2017 - 41
Condo Media - December 2017 - 42
Condo Media - December 2017 - 43
Condo Media - December 2017 - 44
Condo Media - December 2017 - 45
Condo Media - December 2017 - 46
Condo Media - December 2017 - 47
Condo Media - December 2017 - 48
Condo Media - December 2017 - 49
Condo Media - December 2017 - 50
Condo Media - December 2017 - 51
Condo Media - December 2017 - 52
Condo Media - December 2017 - 53
Condo Media - December 2017 - 54
Condo Media - December 2017 - 55
Condo Media - December 2017 - 56
Condo Media - December 2017 - 57
Condo Media - December 2017 - 58
Condo Media - December 2017 - 59
Condo Media - December 2017 - 60
Condo Media - December 2017 - 61
Condo Media - December 2017 - 62
Condo Media - December 2017 - 63
Condo Media - December 2017 - 64
Condo Media - December 2017 - Cover3
Condo Media - December 2017 - Cover4
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_202008
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_202007
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_202006
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_202005
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_202004
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_202003
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_202002
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_202001
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
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201908
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201907
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201906
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201905
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201904
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201903
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201902
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201901
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201812
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201811
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201810
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201809
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201808
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201807
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201806
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201805
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201804
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201803
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201802
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201801
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
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201708
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201707
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201706
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201705
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201704
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201703
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201702
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
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201608
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201607
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201606
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201605
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201604
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201603
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201602
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201601
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201512
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201511
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201510
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201509
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201508
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201507
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201506
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201505
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201504
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201503
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201502
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201501
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201412
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201411
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201410
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201409
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201408
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201407
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201406
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201405
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201404
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201403
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201402
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201401
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201312
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201311
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201310
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201309
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201308
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201307
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201306
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201305
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201304
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201303
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201302
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201301
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201212
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201211
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201210
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201209
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https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201205
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https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201203
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201202
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201201
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201112
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201111
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201110
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201109
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201108
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https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201009
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https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201005
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https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201003
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https://www.nxtbook.com/nxtbooks/mcneill/condomedia_200912
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_200911
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_200910
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