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|MCL May/June 2014 - Melding the Bi-Annual Walk-Around|
Melding the Bi-Annual Walk-Around with the Insurance Claim Process
by Herman Fassbender, Marsh & McLennan Agency
Reprinted from CIC Midwest News, Winter 2012, used with permission.
Initially the concept of a bi-annual walk-around and the handling of the exterior claims process appear to have little in common, but upon further investigation, a whole different relationship emerges that, when put into practice, will bring a significant value to the association.
Three specific reasons surface for pre-establishing a relationship with a competent exterior contractor:
Speaking of budgets, an added benefit of developing a relationship with a trusted exterior contractor is they can update the Board periodically on the life expectancy of the existing exterior components, so the association can properly set its reserves, but this is a topic for a whole other article.
In the end, developing a relationship with a competent exterior contractor is a must for all associations. If you have not already done so, begin acquiring referrals from trusted advisors such as attorneys, insurance providers, property managers, other association boards or association industry organizations. Interview a minimum of three companies, finding out their areas of expertise. Verify that they are well versed in the handling of insurance claim work. Get names of other associations they have worked with in the past. Your advance leg work is definitely worth your time. Look at this relationship as a long term one, which should span many years.
Pre-establishing a relationship with a competent exterior contractor, who will look after the integrity of your association’s exterior, will pay many long term returns indeed.
Published by Community Associations Institute — Minnesota Chapter, copyright 2013. All articles and paid advertising represent the opinions of authors and advertisers and not necessarily the opinion of either Minnesota Community Living or CAI–Minnesota Chapter. The information contained within should not be construed as a recommendation for any course of action regarding financial, legal, accounting, or other professional services by the CAI–Minnesota Chapter, or by Minnesota Community Living, or its authors. Articles, letters to the editor, and advertising may be sent to Monte Abeler at firstname.lastname@example.org, or at CAI–Minnesota Chapter, 1000 Westgate Dr., Suite 252, St. Paul, MN 55114.