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Board Members of Condominium Associations have a fiduciary duty to ensure owners’ interests are protected. This duty is of utmost importance when a catastrophic event occurs. However, without being involved on a daily basis in the insurance industry, it can be challenging for the Board of Directors to be knowledgeable regarding the complexities of the Association’s entitlements and responsibilities under the Master Insurance Policy.
When a catastrophic event occurs, there are several questions that arise, such as whether State Statutes supersede Condominium Documents or the Insurance Policy given the circumstances of the claim. Furthermore, it is important to know the responsibilities of both the Unit Owners and the Association. Failure to do so can lead to a breach of fiduciary duty, which can result in legal consequences.
Many Board Members make the mistake of hiring a General Contractor to negotiate their claim. However, this can be an error, as General Contractors do not have the expertise or experience necessary to navigate the complexities of a claim. Instead, it is crucial to hire an expert such as Keys Claims, who can guide the Board Members and the Association towards a proper settlement with the Insurance carrier.
At Keys Claims, we have worked with numerous Associations who have verified the significance of our involvement in their recovery. We have extensive experience in handling complex claims and can ensure that your Association receives a fair settlement. Contact us today to learn more about how we can help protect your Association’s interests during a catastrophic event.