Published in The Legal Intelligencer
In an article published on July 30 in The Legal Intelligencer, VF Law Partner Quinten Cupps discusses how condominium associations are maintaining aging infrastructure with rising costs and new insurance pressures. His article offers proactive guidance for association boards navigating these issues.
“Associations must be diligent in the regular inspection, maintenance, and repair of common elements,” Cupps explains. “The unfortunate reality is that many association communities are saddled with aging components and equipment, past boards that did little or nothing to plan for the future, and the resulting astronomical repair and replacement bids.”
Cupps outlines several practical steps condominium associations can consider, including reviewing maintenance obligations, reevaluating insurance coverage, and working with counsel to determine whether special assessments, loans or document amendments may be appropriate. He also emphasizes the importance of reviewing governing documents and applicable law before shifting expenses to owners or selecting insurance deductibles.
“Condominium associations face a tough road in navigating rising costs, changes in insurance coverage and availability, and changes in the law,” writes Cupps. “Board members should continue to work within the bounds of the governing documents and the law while considering the concerns of the unit owners to try and find appropriate and available solutions to these issues.”
Read the story in full; click here (subscriber-based).