Mariners Cove Condominium Association
Special Board Meeting Minutes
September 24, 2024 7:00 PM Zoom
Call to Order: 7:00 PM via Zoom
Attendees: Ralph Tepel, Steve Wimbush, Sandra Mehl, Moe Scharhon, Kathleen Ashburn, Jamie Ponder. Absent: Carol Hassebrock.
Ralph Tepel presented an analysis of three competing insurance quotations for the 2024-2025 policy period, as reflected in this table:
|
Item |
Brown & Brown |
Farmer's |
SW/Risk |
|
|
Property |
$93,837.05 |
$103,872.77 |
$65,391.10 |
|
|
Liability |
$5,515.49 |
incl |
$5,515.49 |
|
|
Excess |
$2,200 |
incl |
$2,200 |
|
|
Valuation |
$17,717,680 |
$18,451,000 |
$16,445,000 |
|
|
Total |
$101,552.54 |
$103,872.77 |
$73,106.59 |
|
|
Total with Flood & Earthquake |
$143,872.77 |
$145,989.77 |
$115,223.59 |
|
|
$/sq ft |
243/256/259/286 |
250 |
262 |
|
|
Deductible |
$10,000/$50,000 |
$25,000/$50,000 |
$25,000/$164,450 |
The Board clearly favored the premium quotation from SW/Risk but noted two issues that had to be resolved before awarding them our insurance business:
1. One percent deductible for wind/named storm to the buildings For SW/Risk, and
2. Lack of coverage for ordinance and law coverage.
Motion by Jamie Ponder, seconded by Moe Scharhon to authorize Ralph Tepel to negotiate with SW/Risk to provide ordinance and law coverage as being essential to our insurance needs, and to request improvement to the property damage deductible and to empower him to award the property and liability insurance to SW/Risk if successful. Motion carried.
Adjournment: Motion to Adjourn by Jamie Ponder, seconded by Moe Scharhon. Motion carried. Adjourned at 7:48 PM.
Respectfully submitted,
Stephen Wimbush
Acting Secretary
Post scriptum: On September 25, 2024, subsequent to the Special Board Meeting, Ralph Tepel confirmed with SW/Risk that policies include ordinance and law coverage up to one million dollars. Also included is demolition and debris removal up to one million dollars.
SW/Risk is still looking into secondary insurance to lower the one-percent deductible. Time being of the essence, Ralph Tepel awarded the Association’s property and liability insurance for the 2024-2025 policy period in accordance with the Board resolution of September 24. 2024.