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It depends on the extent to which the judgment isn't covered by insurance.
That's what I thought too until...
"If sued, HOA board members are generally covered by an "errors and omissions" insurance policy, the HOA lawyer said. But because a neighborhood watch program would not fall under that policy, the HOA "may wind up ... getting hit with hundreds of thousands of dollars in legal fees and damages," the lawyer said."
The HOA is essentially being extorted into this payout. The owners who live there (i.e. the association) had absolutely NOTHING to do with any of this but our system encourages settlements rather than legitimately defending against illegitimate lawsuits. Having to choose, as an association board, between the lesser of two evils when neither has any merit is just another tragedy added to the two tragedies that have already happened in this case.
I live in the area (about 5 miles from where T Martin was killed). That community despite "being gated" is full of short sales and foreclosures (or was full of distress properties).
It's not a desirable community as much as the new media believes by saying "gated". Florida is just weird in that many so called middle class or places have gates. So to the outsider, having a gated community means "wealthy area". That area is far from wealthy.
So not sure how the HOA will pay or if their insurance will cover. 1 million dollar settlement sure seems to be the insurance policy limit at many HOAs. It's a clean number and all signs point towards that. I doubt the residents are on the hook for the 1 million and insurance took care of that.
Of course, now their insurance policy will increase and their HOA dues will probably increase as well.
I live in the area (about 5 miles from where T Martin was killed). That community despite "being gated" is full of short sales and foreclosures (or was full of distress properties).
It's not a desirable community as much as the new media believes by saying "gated". Florida is just weird in that many so called middle class or places have gates. So to the outsider, having a gated community means "wealthy area". That area is far from wealthy.
When I hear "gated" I assume it means "adjacent to a high crime area" unless the homes are very high end. Most gates there because people wouldn't spend $$$ on a newer home in the area without some presumption of safety in an otherwise sketchy location.
When I hear "gated" I assume it means "adjacent to a high crime area" unless the homes are very high end. Most gates there because people wouldn't spend $$$ on a newer home in the area without some presumption of safety in an otherwise sketchy location.
Florida has many gated community. Not all gated communities are created equally.
But most gated communities tend to be "nicer" than non gated communities (for the most part).
But crime happens in gated or non gated communities. It's a false sense of security. Even with 24/7 manned gates vs non manned gates.
Florida has many gated community. Not all gated communities are created equally.
But most gated communities tend to be "nicer" than non gated communities (for the most part).
But crime happens in gated or non gated communities. It's a false sense of security. Even with 24/7 manned gates vs non manned gates.
What would be the point in putting up gates around a bunch of junky new $300K homes in a neighborhood of $800K homes? So it goes without saying that the gated homes would probably be nicer than those surrounding. I know certain areas have a higher preference for gated communities but ultimately it comes down to trying to put up a barrier against the riff-raff. Really high end multi million dollar homes are generally always going to be significantly nicer than whatever is nearby - but if you look at *most* gated communities, they're just a bunch of regular houses built on inexpensive land, "protected" from the crappy area they were built in. It should be obvious that any gated community that relies on it own residents to walk around as armed guards is probably more like a compound in Central America than an exclusive waterfront enclave.
It's highly unlikely there will be a Special Assessment or a claim against future association income.
The primary purpose of D&O and general liability is defense.
The market for D&O and general liability insurance remains soft, meaning such insurance is cheap.
My own association carries a $25 million policy. The association has never sued or been sued.
It's highly unlikely there will be a Special Assessment or a claim against future association income.
The primary purpose of D&O and general liability is defense.
The market for D&O and general liability insurance remains soft, meaning such insurance is cheap.
My own association carries a $25 million policy. The association has never sued or been sued.
Can't imagine any Association with common grounds not having a general liability policy. Sounds to me like the classical settlement at the policy limit. I would consider pretty stupid for a Condo Association to have only a million dollar liability policy.
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