Each year, condominium associations work to obtain insurance at reasonable rates in an effort to comply with their statutory obligations to use “best efforts” to obtain insurance. In recent years, however, insurance rates have increased significantly, causing associations to question whether insurance is required at any cost. While best practice is, of course, for an association to maintain adequate insurance, an association may wonder whether “best efforts” means it must obtain insurance at any cost. Continue reading “Client Alert: Community Associations’ Use of Best Efforts to Obtain Insurance”
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The Condo and HOA Law Bulletin
A Condo and Community Associations Law Blog