I’m in Lebanon, N.H. tonight, preparing to teach the CAI M205 Course, Risk Management. A main focus of the course is that communities (and their boards and managers) should manage risks through various approaches, including risk transfer to others. One of the points that should come out is summarized as follows:
Some associations set a high deductible and transfer responsibility to the owner for insuring losses to his/her unit that fall below the association’s deductible.
And that, of course, is what the 2011 revisions to the Utah Condominium Act and the Utah Community Association Act are designed to facilitate. Your association should take advantage of the opportunities which will be allowed by this new legislation.
To learn more about this method of risk management, sign up for one of our upcoming courses.