FEMA’s Definition of a Private Association

Home/D&O Insurance, Newsletter/FEMA’s Definition of a Private Association

FEMA’s Definition of a Private Association

Hope you are having a great start to your morning.   I wanted to make sure that you have seen the information about FEMA’s definition of a Private Association.  FEMA is trying to limit where they will reimburse local municipalities for debris pick-up or disaster assistance after a Hurricane or natural disaster.  They want private association, with their own means to raise money, Assessments, to be responsible for paying for their own debris removal.  Even though the members of the Association still pay the same local taxes as everyone else.  Here is the link to CAI national website for more information.

Here is a link to our web page with all the FEMA materials.

It also provides an easy way to send a letter to your elected officials encouraging the passing of Disaster Assistance Equity Act.  This Act will ensure disaster relief fairness for Community Associations.  Hurricane season starts June 1st.  After a Hurricane it will be too late.


This week Adam Beaudoin of Ward and Smith released an article on Directors and Officers covers.  It shows the importance of having a comprehensive standalone policy.  An endorsed policy will have gaps.  If the associations insurance has gaps, that means the Management firms has the same gaps!  Your Management firm could be exposed to lawsuits that won’t be covered by insurance.   Here is the article.

https://www.wardandsmith.com/articles/making-sure-the-good-deed-goes-unpunished-navigating-director-and-officer-liability-insurance-for-community-associations

 

By | 2018-04-23T12:05:39+00:00 April 23rd, 2018|D&O Insurance, Newsletter|Comments Off on FEMA’s Definition of a Private Association

About the Author:

Andrew Bateman
Andrew Bateman and his team, through Trisure - a nationally licensed independent commercial insurance agency - specialize in working with single family, townhome and condominium homeowner associations. They provide HOAs with a complementary review of their present insurance program based on the policies in place and the governing documents to evaluate the community’s current coverage and find any gaps that may exist that could potentially put the association at risk. You can contact them directly via email at info@WeLoveHOAs.com or visit their website at www.WeLoveHOAs.com for further information or to request an evaluation of coverage.