Generally, all workers need workers’ compensation coverage. The board must make sure that anyone entering the community association property to perform work is covered. This coverage is evidenced by a certificate from the Bureau of Workers’ Compensation (“BWC”). As an example, a snowplowing company must provide a certificate to...
Insurance
Published
FHA Fidelity Insurance Requirement
Property managers and board members have routinely been receiving “mortgagee questionnaires” from the lenders of potential purchasers, asking the association a variety of questions ranging from reserves, number of delinquent accounts, number of investor owners, and amount of casualty, liability, and fidelity insurance coverage. When filling out this form,...
Published
$250,000 FDIC Insurance Limit Extended
As discussed in our recent seminar entitled “The Financial Crisis – What Every Board Member Needs to Know,” the FDIC Insurance limit on bank accounts was increased from $100,000 to $250,000. This increased limit was set to expire on December 31, 2009. However, the FDIC recently extended the higher...