WESLEY MANAGEMENT COMPANY – Jupiter, FL
01/04/2022 – New Underwriting Requirements on the Horizon for Associations
PROPERTY INSURANCE UNDERWRITING
Much is set to change in the near future with regard to Underwriting Policies for Association property insurance renewal. The Associations who are proactive in maintaining and certifying properties, by providing sufficient reserves will be best prepared to avoid significant price hikes.
It all started with...
After the collapse of the Surfside building in Florida last year, and subsequent evacuations of similar high-rise buildings in neighboring Miami, insurance companies are set to review how Associations are governed. Understanding the financial pressure on Boards, this underwriting should focus upon the actions of the Members at large and vetoing any life-safety recommendations and maintenance of the property.
Building Re-certification for Occupancy Requirements
Currently, buildings are required to be inspected every forty (40) years by a structural Engineer. New considerations under review by insurance companies include:
Annual structural inspections
Requiring Board Members to provide affidavits confirming no maintenance issues
Review of past Association minutes and financial statements
What to do now...
In light of possible legislative changes, Associations should be prepared to be more proactive in maintaining the property, and let Members at large know the consequences of their actions when vetoing a Board’s decision. Wesley Management Company assists Associations to identify and develop a management plan to prioritize required or deferred maintenance. Please give us a call, we would be happy to hear from you.
Here is a link to a podcast from the Florida Insurance Roundup by Lisa Miller, with more detailed information: Episode 33 – Condo Underwriting & Presuit Settlements – Lisa Miller Associates
About Company
WESLEY MANAGEMENT COMPANY Assisting Owners, Associations, Developers & Contractors to provide consulting services in the areas of:
Construction Management: Administration & coordination to deliver a project from inception to completion with focus upon Client’s budget & standards
Owner/Contractor Representation: Observations to verify work proceeds per specification, and in compliance with the contract documents
Expert Opinion & Witness: Post construction claims analysis, forensic observation & accountability
Insurance & Mitigation Inspections: Inspections & observations for purchase, or insurance mitigation discount
Mission Statement
Assisting others to complete contract obligations & achieve satisfaction
Licensing & Insurance
Licenses, Certificates of Insurance and pre-qualification information may be furnished upon request. Our firm maintains State, Federal and OSHA requirements for Safety Plans, HAZCOM Communication, Drug Free Workplace and as an Equal Opportunity Employer.
Licensed for commercial drone/UAS operations per FAA Part 107 Certification. Professional liability and job specific aerial drone insurance can be provided.
Certificates
Members of the Company hold certifications for specialty trades, training & licensing, in addition to State required continuing education.
History
Over thirty years' experience in providing construction management on projects.
For more information, visit wesleymanagement.com or call 561 316 7678.
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