Finance and Insurance Issues for Condominium and Homeowners' Associations

Many developers, management companies, accountants, and insurance brokers often do not understand the complex finance and insurance requirements in a condominium.

Additionally, many lawyers preparing the declarations for condominiums and subdivisions and advising associations in interpreting their condominium and subdivision documents do not understand the importance of clearly setting forth such requirements for the condominium association and its members in the governing documents. This on-demand webinar helps the persons responsible for preparing budgets, handling association finances and obtaining insurance for condominium projects to understand how first to determine what is required of the association by the governing documents and how to enforce the requirements imposed on the unit owners to best prepare the condominium as a whole in the event of a loss. Failing to have proper insurance to adequately cover a condominium or failing to maintain an adequate reserve account can result in lawsuits against board members and management companies for breach of duties owed to the members. This on-demand webinar is beneficial for all association members, management companies, attorneys, accountants and insurance agents to understand the basics of these requirements and how best to implement a plan for protecting associations. Learning Objectives: •You will be able to define premiums and deductibles. •You will be able to describe secondary lending market requirements. •You will be able to explain reserve accounts. •You will be able to discuss financing capital improvements or repair projects.