pradatory HOA - homeowners are paying for HOA's screwups

[CouponJack]

The thread is over a year old.

[lrbarnard]

Can anyone tell me which insurance companies will agree to provide GL insurance in compliance with the NC PCA? Our association has just been turned down. Section 47 F-3-113 Insurance (c) and (f) are the concerns:

(c) Insurance policies shall provide...
(1) Each lot owner is an insured person under the policy to the extent of the lot owner's insurable interest;
(2) the insurer waives its right to subrogation under the policy against any lot owner or member of the lot owners household
(3) No act or omission by any lot owner, unless acting within the scope of the owner's authority on behalf of the association, will preclude recovery under the policy
(4) If at the time of a loss under the policy, there is other insurance in the name of a lot owner covering the same risk covered by the policy the associations policy provides primary insurance

(f) an insurer that has issued an insurance policy under this section shall issue certificates or memoranda of insurance to the association and, upon written request to any lot owner, mortgagee or beneficiary under a deed of trust ....

[Suncc49]

Originally Posted by lrbarnard

Can anyone tell me which insurance companies will agree to provide GL insurance in compliance with the NC PCA? Our association has just been turned down. Section 47 F-3-113 Insurance (c) and (f) are the concerns:

(c) Insurance policies shall provide...
(1) Each lot owner is an insured person under the policy to the extent of the lot owner's insurable interest;
(2) the insurer waives its right to subrogation under the policy against any lot owner or member of the lot owners household
(3) No act or omission by any lot owner, unless acting within the scope of the owner's authority on behalf of the association, will preclude recovery under the policy
(4) If at the time of a loss under the policy, there is other insurance in the name of a lot owner covering the same risk covered by the policy the associations policy provides primary insurance

(f) an insurer that has issued an insurance policy under this section shall issue certificates or memoranda of insurance to the association and, upon written request to any lot owner, mortgagee or beneficiary under a deed of trust ....

Give Jim Laumann a call at HOA-USA. They are an NC company and he can recommend and offer advice.

Later

[VT'ah]

Originally Posted by CouponJack

The thread is over a year old.

Has the problem been resolved?

[Mindraker]

Originally Posted by CouponJack

The thread is over a year old.

This thread is several years old.

[getatag]

Originally Posted by Mindraker

This thread is several years old.

You are correct, you brought it back from a six year sleep.

[mooksmom]

HOAs...there's a reason GEICO has a TV commercial parodying them...and it is pretty much SPOT ON!
I will never own a property that has an HOA connected to it.