Legal and Insurance Audits
As a board member, your fiduciary duty to act prudently and stay informed can seem much easier said than done. Running an association requires not only a knowledge of business operations, but also involves decision making about areas in which you may have little or no experience, such as construction, reserves, accounting, insurance policies, and legal issues. At HindmanSanchez, we know that preventive measures at the front end can save the association time and money in the long run. That’s why we designed our Legal and Insurance Audit Program. Having an audit performed for your association will alert the board to potential problems and liabilities–giving the association an opportunity to correct problems before they become a full-blown crisis.
“But How Could I Have Known It Would Be a Problem . . .”
No one person can anticipate the full range of problems that a community association faces. However, that doesn’t prevent association managers and directors from facing owner unhappiness – and even legal liability – if the worst happens. That’s why HindmanSanchez’s over 20 years of work with more than 1,600 homeowner associations gives you peace of mind. We’ve seen it all and know the warning signs to look for.
Conducting Legal Audits
Our lawyers will:
We work with you, your agent, and carrier to:
When there are no problems threatening your association, it’s tempting to go along without rocking the boat. But what you don’t know about your legal and insurance policies can have tremendous consequences – both to you as a board member and to the association as a whole.
By learning about potential legal and insurance problems now, the board has the information necessary to make changes, initiate new policies, and correct problems, ultimately saving yourself and your association a great deal of time, anguish and expense.
When you have “Strength in Association®” with HindmanSanchez, you can let us do the worrying about potential problems – so you don’t need to.
“But How Could I Have Known It Would Be a Problem . . .”
No one person can anticipate the full range of problems that a community association faces. However, that doesn’t prevent association managers and directors from facing owner unhappiness – and even legal liability – if the worst happens. That’s why HindmanSanchez’s over 20 years of work with more than 1,600 homeowner associations gives you peace of mind. We’ve seen it all and know the warning signs to look for.
Conducting Legal Audits
Our lawyers will:
- Alert the board to problem areas in the association’s governing documents, covenants, rules and regulations, design guidelines, and other procedures.
- Help the board to prioritize needed changes by examining the liabilities associated with each matter and the cost and methods available to resolve them.
- Review the existing rules and regulations, resolutions, and policies and procedures for compliance with state and federal law and the association’s governing documents.
- Provide full association assessment by reviewing documents, board meeting minutes, correspondence, contracts, and existing financial safeguards to protect the association’s funds.
We work with you, your agent, and carrier to:
- Assess your association’s existing insurance, including general liability, property, director and officer, fidelity, and workers’ compensation policies.
- Review the insurance requirements for your association found in the governing documents to determine whether policy coverages meet the standards and sufficiently protect your association in the event of a claim.
- Develop insurance guidelines that list the steps for submitting a claim by a homeowner or by the association.
- Clarify who is responsible for paying deductibles and how to deal with gaps in coverage or overlapping insurance provisions.
When there are no problems threatening your association, it’s tempting to go along without rocking the boat. But what you don’t know about your legal and insurance policies can have tremendous consequences – both to you as a board member and to the association as a whole.
By learning about potential legal and insurance problems now, the board has the information necessary to make changes, initiate new policies, and correct problems, ultimately saving yourself and your association a great deal of time, anguish and expense.
When you have “Strength in Association®” with HindmanSanchez, you can let us do the worrying about potential problems – so you don’t need to.
