Hurricane Charley Questions and Answers

November 11, 2004 Question:  I have a few questions that I hope you can answer for us. I am a little confused about where we stand with loans, assessments and where we are going from here.  First, I thought that we had a $300,000 deductible on our insurance policy. If we have an additional $7,000 assessment per unit, that is obviously covering more than the deductible. Our insurance policy, I assume, did not cover the landscaping, parking lot, etc. even though it was directly destroyed from the hurricane. Second, where do we stand with the elevators? Thirdly, what else do we have on the agenda for repairs in the future? We have been hit with assessments for the five years that we have owned the condo. I know that the Hurricane was beyond our control, but I am curious to know when this will all end? We have repairs, in some cases, like the painting, completed twice in the past few years. I know that we are trying to maintain the value of the property, but we have had increases in our quarterly membership fees over these years which seem to never cover all the additional projects that come up with the tower.  Thanks so much for all your time and efforts.

Answer from Sandy Harwood:  Answer Document November 11, 2004 - Microsoft Word Format - click to open

October 19, 2004 Question:  Thanks for all your continued work with this project. How can I obtain documentation for the special assessment that will be levied due to the 300K deductible for the association? I have loss assessment coverage to 5K and must submit documentation of the same. Do you know if the Hartford policy for loss assessment coverage is a stand alone policy?   Do you have a contact in Florida for the Hartford?

Answer from Benson's, Inc.:  The documentation they will require to see is the letter that will go out to the owners advising them of consideration of a special assessment, approx. amount, what is was for, date and time and a copy of the meeting minutes where the Board approved the levy of the s/assessment.  It would be the unit owner's policy that has loss assessment coverage, not the Association's. The Association's policy is with Citizens.  Contact your individual agent for loss assessment.

Question and Answer Document Submitted August 18, 2004 by Sandy Harwood - Microsoft Word format - click to open

Please note:  if you have questions that are not answered in the documents, please e-mail them to Sandy Harwood and she will provide an answer as soon as possible.  All questions and answers will be posted here as they come in.

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