Flood Updates
A government entity that determines flood risk?
NFIP
In what year was the height of the soft market?
2016
Name two groups of people who are covered by
D & O ?
What is Directors, Officers, Trustees, Employees, Volunteers, Committee Members, and the Property Management Company.
Who is responsible for wallpaper damaged in a unit from a flood event?
Association
Name a recent Naples Property Management firm that has been accused of embezzling millions of dollars from Association reserve accounts?
American Property Management
April 1, 2022
Name 3 underwriting factors that carriers use to determine rates?
-Open Claims
-Age of Building
-Roof Condition
-Location
-Construction type
-Opening protections
-Engineering reports
-Total insurable value
Name the two Categories of claims payable under a Directors and Officers Policy
What is monetary and non-monetary
Name two types of proactive risk management steps mentioned in the presentation that can help your association become a better risk?
Risk transfer agreements and site surveys
True
All flood renewals under Risk Rating 2.0 will be capped at what %?
18%
When coverage is written on a basis that factors is depreciation in the event of a claim.
What is actual cash value
Name two types of claims that are specifically excluded by D & O?
Bodily Injury, Destruction of Property, Breach of Contract, Pollutants, Fungi Microbes
What is the first step you should do when you have a water leak?
•Stop or mitigate any further damage
–Cover exposed areas
–Call in a professional (plumber, roofer, dry out company, etc.)
The Statutory requirement for Fidelity Coverage must be _____ to the maximum amount that can be stolen?
Equal to
True or False- The National Flood Insurance Program sets flood rates and they do not differ from company to company or agent to agent.
True
What year was the most active storm history ever recorded?
2020
30 Named Storms
True or False- All D&O policies are the same?
No
Does D & O cover managers and their employees?
Yes
What types of internal financial controls should your association implement to prevent a loss?
Name Three
Check countersignature
Board member approval for expenditures
Limits of authority for check signing
Background checks on all new employees
Segregate duties
What is the maximum amount of coverage allowed for a Condominium Association building?
What is $250,000 per unit or the actual replacement cost, whichever is less.
What are contributing factors to why rates are on the rise?
Hard market, natural disasters, surfside collapse, re insurance, insurance carrier insolvency.
Name 3 common D&O claims
What is boards failure to adhere to the by-laws, challenges to decisions of the ARB, and boards failure to maintain common area.
True or False- Would Workers Compensation cover a non board member who is injured while taking their trash down to the dumpster?
False
Are spouses of board members covered under Fidelity Insurance?
Yes