Condominium and community associations carry out several essential tasks and responsibilities, such as ensuring the facilities are maintained properly or managing the budget appropriately. However, these entities also face numerous risks. As such, they need to be aware of their exposures to enhance community safety and financial stability. Common Risks Common risks condominium and community…
The Atlantic Hurricane Season is from June through November. The Town of Ocean City closely monitors all tropical storms and stays in touch with the National Weather Service during any pending storms. Hurricane Watches and Hurricane Warnings are issued by the National Hurricane Center in Miami. A WATCH is issued for an area that could…
Getting volunteers to serve on the Board of a Community Association can be difficult. After weeding out the people who may have joined for personal agendas, you are left with a few dedicated individuals who selflessly give of their time, knowledge and energy to run the association. Even with professional management, running a community association…
What’s happening? Effective 2/7/2024, new guidelines were rolled out regarding condo master insurance policies in relation to conforming loans with Fannie Mae. The Issues Replacement Cost Value The master property insurance policy must provide for claims to be settled on a replacement cost basis. Property insurance policies that provide for claims to be settled on…
The insurance renewal is completed, the coverage is procured, and the Board and management let out a collective sigh of relief. Due to market conditions, many communities are changing carriers. When writing new property, or every few years, carriers will send a Risk Inspector out to view what they are insuring and make sure the building…
Condominium associations take on a certain level of risk—it’s unavoidable. Losses related to fires, floods, and other types of exposures are common for organizations of all kinds. To address these concerns, the right insurance policy can prove invaluable, allowing you to transfer risks and focus on running the community. And while insurance carriers will cover…
In Community Associations, there is a Best Practice to not enact any rule you cannot enforce. When contemplating rules for community harmony, Boards and management also must contemplate who will enforce the regulation and what penalty will come to the rule breaker. In October 2023, Maryland Community Associations were required to complete reserve studies and…
What We’re Seeing Locally We’re still in a hard market, but we’re seeing reasons to be optimistic as we progress through 2024. While we’re still seeing premium increases, they seem to be smaller percentages than last year. So far in 2024, we are seeing 15-30% increases versus last year’s 30-150% increases. Increases for habitational buildings…
Pollution exposures for a specific property may vary widely. Some locations have a “rich” history of prior operations and prior pollution that make crafting meaningful coverage more challenging, while other properties are just vacant virgin land. Regardless of the history (or the planned future use) of a site, the environmental products available for property owners…
The Maryland Condominium Act and Maryland Homeowners Association Act require associations to undertake a reserve study at least once every five years. Delaware and Virginia already required reserve studies, but all 50 states are developing similar requirements as a response to the tragic collapse of the Champlain Tower South condominium in Surfside, Florida. Maryland Reserve…
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Client Support Team
Deeley Insurance Group
You are about the leave our site and submit the information to pay your bill. A licensed agent from our team will need to process your payment to make it official – we cannot bind coverage via web request. Let us get to work for you. Want to talk? Call us. 410-213-5600
Client Support Team
SCD Intermediaries
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