CAI-NJ June 2022 Community Trends

FAQS INSURANCE... from page 32.

Experience Resources Excellence

ance carriers. When the community has a higher insurance deductible it is more important than ever to make sure everyone in your community knows and understands who is going to cover that expense when there is a claim. If you have a higher deductible, it’s recommended to make sure to have a recorded deductible resolution as part of your permanent governing docu ments, and residents are aware of any responsibility they may have. Whatever the association’s procedure is regarding responsibility for the deductible, the association should make sure to dissem inate the information clearly to residents. Residents should discuss any responsi bility they may be assessed regarding the insurance deductible with their own personal insurance broker. Q: What happens if there is no insurance coverage? A: Unfortunately, it does happen when an incident occurs that is not covered by insurance. The insurance is designed to protect the community for losses that arise out of “sudden and accidental” events. In the last question, we talked about when the Association’s insurance is going to respond to a claim. I am going to reiterate it again as it is valuable information. For a claim to be paid, all three of the following must be met for coverage to be provided: 1. There needs to be a covered case of loss 2. Damage must be to insured proper ty and… 3. The amount of damage must exceed the Associations deductible. CONT I NU E S ON PAGE 36

The Service You Deserve

Taylor Management Company has been managing community associations for decades. We have been recognized by the Community Associations Institute (CAI) as an Accredited Association Management Company (AAMC) and by the Institute of Real Estate Management (IREM) as an Accredited Management Organization (AMO). These designations are accorded for the highest level of ethics and professional management in the industry.

Leaders in Professional Community Management Since 1992!

80 South Jefferson Road, 2nd Floor, Whippany, NJ | Tel. 973.267.9000 100 Franklin Square Drive, Suite 203, Somerset, NJ | 732.764.1001

TaylorMgt.com

COMMERCIAL LAWN MAINTENANCE & CERTIFIED PAVER INSTALLATIONS Install Trees, Shrubs, Sod, Mulch & Decorative Stone Richard Eible - Owner Business: 732-926-8843 203 Sergeantsville Road Cell: 732-245-0022 Flemington, NJ 08822 Fax: 908-751-5888 www.ralandscapingdesign.com Email: ralandscapingdesign@comcast.net Serving All of New Jersey Landscaping & Design, LLC Snow Plowing & Salting

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