Property management of any kind is challenging, requiring many skills and areas of expertise. Oversight of a condominium association ramps up the challenge considerably. With condo associations, property managers partner with the association’s board of directors and maintain good relations with individual unit owners. It’s a property management niche that requires negotiation, mediation, and superlative communication skills.
Even though condominium boards and property management firms are often caught up in day-to-day issues such as landscaping, minor repairs, and enforcement of standards, the real challenge usually goes well beyond vendor management and daily repairs. The long-term health and financial well-being of the association depends upon the expertise and planning of the association’s management team. Insurance is one of the key pillars of a condominium association’s financial health.
A condominium complex is, in a sense, a small municipality, with private properties resting on shared infrastructure. If you have responsibility for managing a condo association or corporation, you are experienced at juggling a wide variety of needs and planning for a wide range of eventualities.
You need an insurance partner who understands the role you play, and who has deep experience in planning for and mitigating your organization’s many exposures. Whether from weather related structural damage, a boiler breakdown, or liability for an injury to a vendor or guest on common property, you need a business partner who knows the many potential loss sources and risk factors you may face. We would be happy to educate you on risk analysis and recommend the best insurance coverage to address your needs.