IS THERE SUCH A THING AS OVER INSURED?

By Darlys Walker

Published December 21, 2012  

   

NO, not when it comes to insurance coverage for an Association!!!  Unfortunately we live in a very litigious society that encourages the filing of a law suit, no matter what the case.  There are actually individuals  (and attorneys) who  generate their income by filing suits that have no legal merit, because they know that insurance carriers will like pay to make the suit go away....  Or worse yet an uninsured individual will pay out of pocket so make the suit go away....

 

For example: An association may not have any employees, but let a contractor or a sub-contractor suffer an injury on the property and guess what, they will file suit and name the Association, the board members, the management company and anyone one else they can think of in the suit because they know that at least one of the parties will cough up money to make it go away....  No, they are not the Association's employees, no the Association may not have hired them but make no mistake they will look for deep pockets....

  

The suits can get even crazier, in recent times we have seen homes foreclosed, with unsuspecting renters displaced and they are filing suit against the Association, the Management Company, the board, the Mortgage Company and even the Sheriff's department performing the eviction.  All while NONE of these parties have any involvement in COURT ORDER ACTION....

 

These ambulance chasing attorneys can and will advise their clients to name as many parties as possible in an effort to collect from some or all of the insurance carriers and guess what, if you don't have insurance or the right limits and coverage you can become personally responsible for any award the courts may give, an now days who can guess what a jury or judge may do. 

  

The best advice is meeting with your insurance agent and make sure that all your bases are covered in the event you get served with a dish of this craziness....


 
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Darlys Walker

Darlys Walker, Founder and CEO of Condominium Concepts Management, Inc. (CCM), is recognized for her straight talk, subject matter expertise, and valued insights regarding real

state management, leasing, and HOAs. Her company serves a diverse portfolio of properties, from 16-units up to 600 as well as large mixed-use developments.  

 

   From its beginnings in 2000, CCM has become a well-respected asset manager and now works with over 100 associations with 16,000 units served by over 300 employees. Darlys and her team deliver resources and responsiveness through six regional offices - in Orlando, Miami, Jacksonville, Charleston, Nashville and Atlanta.

  

   Darlys Walker is best known for her passion and precision, understanding that the only difference that matters in today's demanding marketplace is service delivery ... doing what is promised and what is right. She knows that every community serves two masters ... the property owner/developer and the resident/homeowner. "If we are not equally responsive to both, we are not doing our job," she states.  

 

   Her clients say it best: "Darlys really knows her stuff" ... "at the top of her profession and it shows in the caliber of her clients" ... "delivers quality resources that match up well with needs and expectations that are really rigorous."  

 

   She is a licensed Real Estate Broker in four states, holds an Associate's Degree in Marketing and has earned the Accredited Real Estate Manager designation from the Georgia Institute of Real Estate Management. Also she is one of few certified as a Lead-Based Paint Abatement & Removal Trainer in Georgia.

  

   Darlys Walker and her team have been selected to manage the condominium conversion process and day-to-day operations for many of the Southeast's most high-profile condominium communities including luxury high-rises, mid-rises and garden-style homes. Most recently she has been recognized as an expert in 're-versions' of communities from condominiums to leased homes, as well as repositioning projects. A visionary and a tireless perfectionist, Darlys demonstrates hands-on leadership, working individually with each client and staff associate to achieve defined business outcomes and satisfaction.  

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For more information about Darlys Walker and Condominium Concepts Management, Inc. please visit www.condominiumconcepts.com.