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HOA Finances: Even in Tough Times, Don't Scrimp on Insurance
We recently spoke to a number of leading HOA advisors across the country about best practices for getting your homeowners association through these turbulent economic times Eric J. Gould, an attorney with Couzens, Lansky, Fealk, Ellis, Roeder & Lazar P.C. in Farmington Hills, Mich., advises clients, "Make sure you review your insurance policy so your association is adequately protected if something happens. "With people stretched tightly already, coming back with a special assessment to pay for something that could have been covered by insurance could really push people over the edge. You've got a fiduciary duty, and you don't want members to ask whether you reviewed the insurance policy and shopped it around or just renewed it. "Make sure the protection is adequate and the cost is competitive. And when you enter into contracts with service providers, make sure they're also adequately insured." Eric's advice is just one point in our brand-new 14-page special report, "HOA Finances: Best Practices for Getting Your Homeowners Association through Difficult Economic Times From now until Nov. 8, 2008, you can download a free copy as a member or trial member of HOAleader.com. Best regards, Matt Humphrey President
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