Claims and Governance: What Condo Boards Need to Know

Whose policy pays after a loss is rarely decided at the time of the claim. For condo and homeowners association (HOA) boards, state statutes and governing documents set the answer in advance, which gives boards a real opportunity to prepare.

Boards have more influence over that outcome than they might expect. HUB’s Chip Stuart and Greg Floyd walk through how covenants, conditions and restrictions (CC&Rs) expand on state law, what all-in, bare walls and single entity coverage mean for your association and why deductible language matters as water damage deductibles increase. They also share where to start, from building a trusted team to reviewing your documents before a loss.