In our President Fennessy?’s letter, he said, ?“?…?…?…?…We maintain insurance for CCHOA ?– including general liability. Unfortunately the costs for our coverage have again increased by approximately 32%. We paid approximately $28,000 for GL in 2004. The new rate is approximately $37,000. Our insurance brokers received three quotes for the policy and this was the best rate they found. The rate increases are attributed to the fact that HOAs are frequent targets of lawsuits. AE Martin and Denise Nordstrom are actively working on reducing insurance costs for CCHOA. Perhaps I can report better news later in the year?…?…?…...?”
I am afraid that President Fennessy won?’t be able to report better news later in the year. As a matter of fact, we should expect our CCHOA?’s liability insurance to be increased by double or triple in the near future and for many more years to come. Here is the reason:
Our former Directors have been committing frauds and our current Directors are condoning their frauds. How disappointing it is that we have elected a bunch of incompetent nice guys.
I feel deeply sorry for our insurance company!
