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…
Water Damage Is The Most Common Claim, But There Are Simple Ways You Can Prevent Losses. Water damage is more than a ‘frozen pipes problem.’ It’s a real concern that many homeowners overlook. Refrigerator icemaker failures. Leaky toilets. Dry-rotted washing machine hoses. HVAC condensation. Little drips over time that can deteriorate drywall. In a strange…
Reserve Fund Studies are recommended as Best Practices for HOA and Community Associations. These studies list the association-owned and maintained property and assign an expected useful life and a probable cost to replace. These studies can also break down how much money an association needs to set aside on a yearly basis so that large…
New rates for all properties insured through the National Flood Insurance Program (NFIP) will go into effect nationwide on October 1, 2021. FEMA is pairing state-of-the-art technology with NFIP’s mapping data to establish a new risk-informed rating plan—Risk Rating 2.0, the largest change to the program in 50 years. Risk Rating 2.0 uses the latest…
2020 brought good news in regards to the National Flood Insurance Program (NFIP). The program saw a net income of $9.7 million and was reauthorized for a full year through September 20, 2021. The pandemic had two positive impacts on the NFIP: Pivoting the new claims adjustment system, which allowed policyholders to use technology to…
During the pandemic we saw associations move to virtual meetings and electronic voting. Some association documents require in-person meetings and include specific language on how the voting process should work. In Delaware, the state statute governing Community Associations allows for remote or virtual meetings. As state statute supersedes the governing documents, associations may hold virtual meetings.…
Most HOA Boards are made up of volunteers, and homeowner volunteer decisions are protected by the Directors & Officers insurance policy. These are the most common claims facing associations’ Boards of Directors. Violation of the Governing Documents Rules should be enforceable and enforced Meetings should be held per the documents Architectural Guidelines should be followed…
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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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