INSURANCE COMMITTEE REPORT
Monthly Board of Directors Meeting 6-12-06
Last week we had an impromptu meeting with Al DiSessa and we discussed current matters relating to securing the POA’s property insurance that is due to expire at midnight on July 6th.
Al took this information and already updated all Board Members accordingly. Since the Board is already aware, we will briefly update the residents on this situation.
July 6th is about 3-1/2 weeks away and we do not have any success stories to report. All is not gloom and doom as we still have 6 agents working to get us the insurance. If these 6 agents cannot get us the desired coverage we doubt if any agent can. All 6 agents currently represent other POA’s and know their way in this very tight insurance market. They were up front with us and told us that our chances for securing windstorm insurance is fair since our total amount of insurance is only $464,300. However, some told us that we may not be able to get windstorm coverage on some high risk outdoor exposures such as exterior light pole and the flag pole. The number of agents is down 1 since our last report to Al DiSessa.
We were told not to expect replies from insurers right away. In today’s tight market, the normal response time is usually during the last 2 weeks prior to the July 6th date. For that reason, Al DiSessa was advised of the potential need for an emergency meeting of the Board during this limited window of time. This message was conveyed to the Board and they stand ready with scheduled meeting dates of June 28th, 29th, and 30th if needed.
We cannot do anything else at this time but wait and be ready to receive any proposals from insurance companies. We will review them and make our best decisions and recommendations to the Board for their final decision.
From day one, Sherry Danko and her staff have been most helpful, working very close with us in a concerted team spirit to get this insurance placed. We have discussed a contingency play with Sherry in the event that all else does fail. Sherry has arranged for one of the 6 agents to make application with the Citizens Insurance Company, the State of Florida run insurance if it is necessary.
This is where we stand today, Let’s all take a deep breath and continue to have confidence in our agents.
Howard McCormack
Cc: All Board Members
Sherry Danko
Herb Antine
Insurance Committee File