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June 8, 2007
Practicing Law - Or Any Other Profession - Without "Proper" License - Beware!
Today, I guess I have to pick on community association managers for a minute. I was at a seminar recently and spoke with an insurance provider at one of the sessions - on the subject of earthquake insurance. In the course of preparing I spoke to many experts, many managers and many board members.
Many of the insurance professionals and board members disclosed that the managers for the associations are very influential in convincing the Boards that earthquake insurance is not a good value and it should be dropped.
Managers - are you insurance experts? Can you advise on all of the various options ranging from full to partial coverage, the CEA, and other insurance options? Are you lawyers - are you qualified to advise on fiduciary duty of board members and whether the Association or Board can be sued if the earthquake insurance is dropped, or how to prepare the association records and achieve the necessary due diligence and best defense possible if that happens?
All I can say is .... be careful.
Posted by Beth Grimm at June 8, 2007 10:32 PM