October 2023

balconies on the property had been closed off to keep residents safe. So, obviously the balconies all needed to be rebuilt along with extensive repairs to rot and damage to the building struc ture. Unfortunately, the association had not been funding their reserves ade quately to be able to pay for balcony renovation and certainly had not been budgeting for total reconstruction of the

“The scary part of the

story was the open meeting with the condominium membership... to explain to them what the problem was...”

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balconies along with repairs to major structural damage. So, to make the repairs, all homeowners would have to pay a large special assessment (still not the scary part). The scary part of the story was the open meeting with the condominium membership (picture angry mob with torches and pitchforks) to explain to them what the problem was, why the decks were closed and the need for a special assessment to make the repairs. Obviously this was a terrible situation for the association, but good communications with the membership and good teamwork between the board, management and their pro CONTINUES ON PAGE 32

Felsen Insurance Services, Inc. 3155 Route 10 Suite 103 Denville, NJ 07834

(973) 361-1901 www.felsen.com

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OCTOBER 2023