Search and Categories

Sea Ranch Club

4/30/08 9am meetings…Association Areas Executive Committee

This is an overview…for complete numbers …check with your Board Members,Building Managers or the Comptroller…

Approval of 4/2/08 minutes

Discussion about additional expansion joint work on Building C tennis courts…

A bid from Mastertec was put forth…

A resident did ask questions about the process…

The resident was concerned with the method used…if it was appropriate…and a need for a structural engineer to before complying with the advice from the contractor…

The Board decided the contractor and the Mastertec company were reliable…and voted approval unanimously.

The cost…$14,400…

The same resident …also inquired about the status of the surface replacement for C courts…and advice from SRC Atty. that a change from the original surface would be considered a structural improvement…requiring a vote from the the residents… with a 2/3 majority…

This resident …added that if that is so…the return to the original surfaces would be required…stating what material was used for those surfaces …for C and for A…which was apparently changed without a vote…

Many in the room were skeptical of the Atty. ruling…

He further went on to discuss the gardens and the landscape situation…with the loss of our new foreman Jerry Thompson…and the change from a company to in- house service….

Another suggestion offered by the resident was to have a landscape architect come and supply a plan for what vegetation should be where…this way any time a replacement is needed … the plan would be implemented …

another resident and a Board member…think a plan might already be in our possession from 2 years ago…

This gentleman will join a resident from Building B and Building C to work on these landscaping suggestions….

Later on we were informed by Building A Manager Jane Paoli that she had called our previous landscape contractor… Villa…formerly Tri-R ….to learn that our foreman Jerry Thompson had returned to their employ…

They said they did not actively recruit him…he came back to work for them on his own…

Jane said that if a landscape contractor is the way the Board decides to go…Villa or any other company will purchase our newly purchased equipment for the full amount we paid….

Aon Risk Insurance Company Representative Martha Roig came at the request of the Board to counter the presentation from Brown Insurance Reps…last week.

She has worked behind the scenes with our Assoc. for 28 years…

Very personable…with a few cute remarks .. she is the person behind the “suits” and SRC ..”You’re like my children.”

The Comptroller faxed her the proposal from Brown we received last week…

Her first responses…

not necessarily does cheap mean better…they did not have all the information…they had valid info…but were not given all the info…and were lacking info from the proposal given…

CNA will not provide wind coverage…

Aon has been working with SRC since 2006 to get us out of Citizens and back to QBE which will substantially lower our cost and the percentage difference in deductions…from 10% deductible of $26,877,404 per calendar year from Citizens to QBE..3% deductible ..of $8,128,916 per calendar year.

What is required to make the change?

Full Class A protection in the buildings…private/common areas…with shutters/impact windows…

Right now Building C is set to be the first to be in line to make this change with 100% compliance in the next few weeks.

Building B has 3 owners who will not comply…Building A…has 4 who are not under contract/2 refusing to comply…

Although we are one corporation…each building is separate under the coverage…

Note: It was later discussed that a Board meeting will be called to discuss a change to amend the condo documents…

It would require a 2/3 vote from each building to approve the change…which then gives the buildings the right to go into the units refusing to comply…have the shutters installed…and then place a lien on the units to recover the cost.

A short discussion took place on a possible difference of opinion on the amendment …between the SRC Atty. and a litigator …

Ms. Roig…continued on..

She proceeded with many other comparisons between the advantages …both… monetarily upfront and in a case of a catastrophic loss between Citizens and QBE…

A ballpark figure of annual savings…Buildings A/C..$150 thousand …Building B…$100 thousand…

QBE is a A+ rated International company…Headquartered in New York…

An example of previous coverage was given…Hurricane Wilma…

Building A had roof loss… an $800 thousand dollar claim was made…the roof was $600 thousand…insurance coverage…(pre-Citizens by QBE)…$135 thousand…

Questions were asked about self insuring…

the response was that the current Condo documents do not allow it…

self insurance would be spread out …current insurance covers buildings individually…

Our SRC Atty. has advised against self insurance…

Ms Roig discussed the Aon fee VS Brown commission…

The fee of $116 thousand has a cap…and comes out of the commission…

as she explained this…she informed us of a commission Aon received from the company of $250 thousand…she presented a check for the difference…(minus approx. $3 thousand…to be forthcoming)…to the Board president for $120 thousand dollars…

She also addressed the question of general liability…using the example of shopping for a dress…the price of the dress in Jan…and the price in March…discounted…

the point …insurance is a “moving target” and subject to the marketplace…

what is applicable in Jan. is not applicable today…..

If we were to accept a proposal…it would most likely be changed 90 days later upon an inspection in accordance with supposition…becoming fact…

Solicitation for new policies come 120 days prior to expiration date…..

Finally if we have another good year…with no hurricane activity Citizens will not go down…it will remain steady ….due to the belief …that the big one will come next year…QBE would change by approx. 10%….

A copy of the presentation…which was recorded will be prepared and available from the Comptroller

Post Division

Leave a Reply