In this highly unpredictable year, many unusual factors are affecting insurance. As your partner, we want to keep you informed of industry trends we’re seeing, especially when they’re relevant to Community Associations and Boards of Directors planning your budgets for 2021. Kevin Davis Insurance offers three reasons why D&O premiums are increasing this year. COVID–19…
Community Association Institute has counseled associations Owners, Board Members and Managers to review the policies to see how they will respond to a claim involving COVID-19. Unfortunately, policies may not be clear on what is covered, but an exclusion clarifies these situations. When reviewing both General Liability and Directors & Officers Liability policies, be sure…
An amendment to the Maryland Condominium Act, passed during the 2020 session of the Maryland General Assembly, will take effect October 1, 2020. Currently, the association can charge up to $5,000 of the master policy deductible to the unit owner where damage originated. The new amendment will increase that cap to $10,000 of the deductible.…
Reopening the association’s pool in May is one of the most anticipated events of the year. But the pandemic is forcing us to reexamine that schedule and other pool management practices. Please make sure to check appropriate state, local and health department orders before proceeding to open / re-open any common area facility in your…
DISCLAIMER: This blog is provided for informational purposes only. The intent of this communication is to provide boards with a framework to make decisions as it relates to the current COVID-19 crisis. Nothing in this document should be construed as specific legal advice. With stay-at-home restrictions beginning to ease and summer just around the corner,…
Community Association living is trending! As this lifestyle choice continues to grow in popularity around the world, new communities require Boards of Directors, and Boards require new Board members and Managers. Do you have a recruitment strategy? When you sit on the Board of a community association, you are actually running a business. So when…
Clients with coastal property should consider securing a rebuild appraisal for insurance purposes. Buildings should be insured for how much it costs to rebuild them, not what they are worth in the resale market. The cost of inflation varies from region to region. Taking a standard inflation increase from year to year could escalate the…
Recently, the Generally Accepted Accounting Practices (GAAP) were updated for the reserve or replacement fund for community associations. In the past, the reserve fund contributions were recognized in the year they were assessed and unspent reserves were reported in a replacement fund balance. As of the fiscal year 2019, the replacement contribution will be recognized…
Flood News The National Flood Insurance Program has been authorized through Sept. 30, 2020. At that time, we expect another short-term extension. As of April 1, 2020, the National Flood Insurance Program will have the following changes: Rate increases on average of 9.9% The Reserve Fund Assessment will increase from 15% to 18% per policy…
In 2019, the Maryland legislature considered increasing the amount that an individual could be charged for a master policy deductible from $5,000 to $10,000. Although the bill had a great deal of support, it did not pass into a law. The Maryland Legislative Action Committee from Community Association Institute (CAI) feels strongly for these bills,…
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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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