Professional Coa
2009
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Professional Coa

HOA-COA: Insurance audits take a second look
Your apartment association board took bids, shopped around, and worked with a broker to come up with the most suitable association insurance package imaginable. And that’s great. But for how long is that going to hold true?
Even the most comprehensive apartment or condo association insurance package can become less so, as the association’s needs change. Today your association may have a set agreement in place, but amendments, additions, and changes to that agreement, as well as changes in the state of the property or to the grounds themselves could leave your apartment or condo association uncovered as a result of these changes.
That’s why I recommend all apartment and condo associations have a broker conduct an insurance audit. Audits, which cost customers nothing more than time, allow brokers and customers to see a more complete picture of how the business and the association’s needs may have changed. By examining thoroughly the business operations, the board make-up, and the association’s practices and recent changes, brokers can compare current business with the apartment association insurance policy.
Also, policy limits rarely change at the same rate as inflation or business changes. Often, apartment associations have purchased coverage limits that were adequate five years ago, but have not kept up pace with economic conditions. Is your current policy in line with any regulatory changes in the industry? An audit conducted by a broker can show you areas in which your coverage doesn’t match with current regulations.
An added bonus of an apartment or condo association insurance audit – audits can determine if the customer has been overpaying on premiums. Often, newer policies cost less and offer better coverage terms. And sometimes the relevance of coverage no longer applies. A professional insurance audit will help you determine if what you have is really what you need.
About the Author
Finding the best underwriting company for an apartment operation can be a real challenge, especially for insurance agents who don't work in this area every day. To work effectively with underwriters and the few good companies that do insure apartments, an agent has to know the apartment industry and has to be able to speak knowledgably about apartment complex clients and prospects.
We have the knowledge and expertise to work with you and company underwriters for the best policy for you.
Visit us today for a speedy customized quote.
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XP restore disc question?
I now own a dell computer with the COA for XP professional on the case. The hard drive is empty. Can I go to ebay, and purchase a restore disk for xp instead of the full program to load it?
No, sorry. You have to buy the full version of Windows XP if your hard drive doesn't have an operating system on it.
That is, if you want to run Windows. Why not try Linux? It is free. I like Ubuntu: Here is a list of the top ten Linux distros: http://www.bauer-power.net/2007/12/what-are-top-10-linux-distros.html
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