LA GRANDE PROVENCE
CONDOMINIUM ASSOCIATION, INC.
BOARD OF DIRECTORS MEETING
JUNE 19, 2014
Bob Cory called the meeting to order at 10:35am.
Dave Luenzmann & Dave Yoder were present and along with Bob Cory via telephone represented a quorum. Joann Keenan from Brown & Brown Insurance Company was also present to deliver her proposal for our insurance renewal.
The minutes of the May 14, 2014 Board meeting were approved.
ASSOCIATION CONDOMINIUM INSURANCE RENEWAL
Joann gave to the Board (e-mailed to Bob Cory earlier) a very informative and succinct out line of both last year’s coverage and premiums and a proposal for renewal for 6/2014 to 6/2015.
Her proposal included all “A” rated carriers. As a result of our last Insurance Appraisal by GAB Robins the value of our buildings rose by $805,298. Therefore we increased the amount of our coverage to give us an insured value of 100%. The cost of the increase will be $1,982. The Board decided to stay with a 5% wind deductible as we had in previous years. Our Flood Insurance coverage will remain the same @ $250,000 per condo which is the maximum amount that can be purchased through FEMA.
Although there may be another insurance company giving us a quote, the Board voted unanimously to elect the coverage that Brown & Brown proposed. Should the other quote come through in a timely manner, it will be reviewed by the Board and need be, another meeting will be convened.
Bob Cory suggested that he and Dave Luenzmann form an Insurance Committee. The purpose of this committee will be to make monthly inquiries with Joann Keenan to get the latest changes being made in regards to insurance. This will help with our budgeting for future increases & changes.
There being no further business to bring before the Board, the meeting was adjourned at 11:45am.
LCAM – La Grande Provence