POA INSURANCE REPORT, MARCH 2010

No new claims were reported during the past year. Since we’ve taken over the Property Owners Association from the Developer, only a few claims have been made by the Association for property losses. No liability claims have ever been made against the Association.

Policies that continue to be in force are:

  • Property: includes building (guard house), lights, personal property, wall, irrigation system, sign and security gates. Flood and theft coverage is excluded.
  • Premises: liability
  • Directors and Officers liability
  • Umbrella liability
  • Fidelity liability (directors and Star Management employees)
  • Medical: CERT volunteers
  • Medical: Non-CERT volunteers
  • Workers Compensation
    •

    Total premium paid for the year amounted to a little over $19,000. This is approximately $2200 less than last year.

    Also, as I stated in my last report, the swimming pool, tiki bar, exercise room and POA personal property are covered under our property and liability policies. The Developer carries like policies to protect its interest if a claim arises.

    Dan Langone

    Chairman, Insurance Committee