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Why would they want to bond you if your sitting in the board of directors for a condo association?
Wiki User
∙ 14y ago
The condominium association is (usually) a not-for-profit corporation, and as such, when you accept a seat on the board as a corporate officer, you accept co-responsibility for a multi-million dollar corporation.
Especially if you handle money, or are responsible for the financial health of the association, you want to be bonded, insured and otherwise protected personally, from the liabilities of carrying out your duties as a corporate officer.
Other officers, as well, will appreciate this protection and more importantly, your membership will appreciate it, should any board member act in an illegal or unreasonable manner.
Read your governing documents and the state law governing condominiums in the state where you sit on this board and discover your legal responsibilities.
(I sit on a board and my responsibilities are to protect, maintain and enhance the value of the real estate that we all own in common, which for us is a multi-million dollar piece of real estate. I appreciate the bond paid for on my behalf.)
Wiki User
∙ 14y ago
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How do you address an envelope to a condo?
You can address a letter to the board of directors of a condominium association, and use the mailing address of the association. This might be the president's address, or the address of the management company.
What can a condo resident do about loud noises?
Fiile a noise complaint with the Condo association and if that doesn't work, the local police department.Added: Loud noises from whom or what? The Condo Association MAY have control over some annoyances but for others you may need the police (as advised above). Speak to your Condo Board of DIrectors to see if they can assist you.
Who is liable for a fall sustained in a parking lot of a condo?
It's possible that the condominium association carries liability insurance. You can make your claim with the board of directors of the association, who will take it up with their insurance carrier.
Can a condo association keep someone from moving out?
No. An association's board of directors can make it difficult for someone to 'walk away' from a unit, by implementing fines and making them personal debts, and so forth. There is no situation during which an association can 'keep someone from moving out'.
My condo association is making claims on a D and O policy for the legal defense of the association not for the directors Is this insurance fraud?
When you write 'association', you are referring to a person. Without a person, the 'association' has no voice with which to make any claims. If the person sits on the board of the association, then the person is part of the association -- as are all of its members. The person is a director and/or officer of the association. The association cannot act independently of a person, a board -- some physical entity. In the case of a claim against the association, persons from the board will be involved in the claim resolution, the directors and/or officers. The D&O coverage covers people who hold these offices in the association.
How many years can a president of a condo association serve?
Read your governing documents to determine the service period for all directors of your association.
What are the condo fees for 6201 Garden Rd Condos?
The board or the association manager can answer your question.
Where can I find a free condo lease form?
Ask your board of directors for a copy of the lease form they prefer that you use.
How do you address two condo directors who constantly do battle with each other?
In this situation, it is important to address the conflict between the two condo directors by promoting open and respectful communication. Encourage them to voice their concerns and actively listen to each other. Mediation or conflict resolution techniques can also be employed to help them find common ground and work towards a harmonious collaboration for the benefit of the condo.
Can a condo maintenance company be fired by the owners?
Read your governing documents and determine under which provision your condominium is being foreclosed.It isn't the maintenance company doing the foreclosing, it's the association's board of directors, perhaps through the maintenance or management company.A condominium unit can be foreclosed upon by the association for non-payment of assessments, which owners are legally bound to pay.
What is the PVC pipe leading under my condo for?
Your association manager or board may be able to answer your question.
Can you find the insurance company of a condo owner?
You can request this information from the board of directors of the condominium association, that carries a master policy. They may also know the name of an individual owner's carrier, but may not be willing to divulge that information to you without just cause.
