The Claim Conundrum When to File vs. When to Pay

What should boards take into account when deciding to file a claim?
Sometimes, the choice whether to file a claim with your insurer is clear-cut; sometimes it's not. In this clip, two industry pros give tips on when to file, and when to consider other options. 

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Comments

  • I have been a board member since 2015 and I am dealing with 5 new board members who refer all water damage issues to the super for repair and I am not satisfied with his work because he is a "handy man" not a lisc. contractor ! I happen to have water leakage on an outside wall which was a major issue 8 years ago and which a different super repaired. Since I have been serving on the board with 6 previously elected individuals we all voted in 2019 to refinance in order to have a very overdue & expensive water proofing job done! In 2019 during an annual election, Before we could sign on the dotted line we had an annual election which was created and orchestrated by 5 new members who collected many proxy votes from the majority of shareholders and those 5 people with self serving interest got elected. Myself and one other old board member were re-elected by in person votes and it has been absolute chaos since 2019! First on their agenda was to hold a special meeting at which time they collected proxy votes to have me removed from the board. The end result was a slaming of my integrity at a Special in person meeting at which time they paid our legal team over $4,00. + to control the meeting and clarify and count the votes. The result was that over 70% of shareholders attended the meeting and voting for me to remain on the board". At that time the legal team asked the 5 if they were willing to work "with me" and then asked Me if I was willing to work with them to create a cohesive team! we all answered "Yes". However that has not happened at all during this past year and a half. Me and another board member (from the 2015 team) are excluded from many of their votes and conversations. All of the planned work to protect our building was cancelled by these newly elected 5 and they have not addressed the water issues from many units. My friend and I have taken complaints and encouraged filing job tickets with our "new" management company as well as sending inquiries to the present board! No inquiries have come to fruition. Some shareholders have had their own contractors come in and give an assesment on the water damage due to outside leakage as well as water from units above. Here is my question: Should those of us who have water issues file a complaint with our insurance company???? Please advise ... I have bee informed by the present board President that I am not to contact mgmt. or legal under an conditions. I know for a fact from serving on the board for 5 + years that I have every right to be included on every vote and information going on regarding our building. However these 5 members act as thought they are including us but the reality is that we are out voted on every issue!! They have secret meetings and hire their own (contractors-friends). Help me out here please. My husband and I have been share holders since 1986 and we love our neighbors and friends. I have never known such animosity and selfish, out rageous behavior as these 5 have imposed on myself and my friend. Both my friend and I are remaining on the board out of respect for the 70% + who voted for us and know we will fight for all of us. HELP! Thank you