CAI-NJ June 2018 (w)

PRESIDENT’S CORNER LISA VITIELLO, CPA CAI-NJ 2018 PRESIDENT | TOWNE & COUNTRY MANAGEMENT, INC.

S eptember 11th, 2001 taught every American a sad and valuable lesson from that horrific day; Be Prepared for When Things Go Wrong. Because the first respond- ers were trained in disaster management, they made the difference between life and death for many injured because those brave men and women were prepared. Throughout this issue, our experts discuss many com- mon dilemmas that community associations face and their advice in how to “right the ship”. Here are a few thoughts from a manager’s perspective. Insurance coverage is often a daunting subject. Let the professionals’ guide your way. It is important to look to have adequate coverage rather than try to save money in this area. Cyber liability insurance is something newer and is worth the extra coverage. Fire is caused by so many day-to-day activities; drying the clothes, lighting a candle, turning on the cooktop. Fire extinguishers and smoke detectors are the norm but make sure they aren’t expired. Managers should have fire emer- gency plans for communities and share that information periodically with all residents. Water is powerful and can wreak havoc on everything it touches. Washing machine hoses and hot water heaters are the most frequent cause of damage. But pipe breaks

"Our communities are micro-cities. Like NYC, we have our share of security issues." and sewer backups are more damaging and costly to the associations. Clean the sewer lines periodically and cam- era lines that might be causi g problems before it be om s a colossal issue. Twenty years ago, security cameras were something big cities were beginning to install, residential homes did not give it a thought. Today “RING” doorbells and “NEST” products are an economical way to allow for some security “We cannot know every potential pitfall our communities may face but we can be proactive in our risk management, both fiscal and physical.” and act as a deterrent. For communities cameras serve as added value to community centers and more. We cannot know every potential pitfall our communities may face but we can be proactive in our risk management, both fiscal and physical. Planning always yields a better outcome. To Those brave men and women of 9/11, we are eter- nally grateful. n

Courtesy CAI-NJ.

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