Unofficial, Ownerârun Meeting on Insurance
Presentation on River Club Insurance
Commercial and Individual Policies
Presented by: Keith Carroll , Rick Carroll Insurance
When: February 7, 2020 9:00 AM
Location: Club House Meeting Room
In a recent conversation with my insurance agent with Rick Carroll Insurance, I was asked if I wanted to add sewer protection on my policy which would be an additional cost to me. It made me start to question where the commercial policies start, and where the individual policies begin. In the discussion, the agent clarified a few things on liability that were not what I had expected. The conversation made we wonder about the cost of insurance for all of us Owners at River Club, and the fact we all need clarification of what is covered, what is not, and what we need to consider.
With Board approval to hold this as an unofficial meeting, I have scheduled Keith Carroll, of Rick Carroll
Insurance, to have a presentation of what our policies cover, and our liabilities. It is a good time for all
of us to be aware of the limitations and responsibilities we have as an Association, and as individual unit owners.
Keith will be at the Club House at 9:00am on February 7, to do a presentation on both the commercial and individual policies we have at River Club. It is realized that not all of use Rick Carroll for individual insurance, but he will discuss what our individual policies should cover, and the limitations of the commercial policies in effect.
Insurance is the highest expense we have in our budget at River Club. In 2019, we paid a total of
$237,433 for liability and Flood Insurance. Assuming an average of $800 each is spent in individual policies, times 188 Owners, our insurance costs total approximately $387,000 annually, or $2,058 per unit per year. The Directors policy is another, yet necessary addition, to the overall insurance costs. It covers both the Association and the Board members in legal matters and matters of poor decisions, should there ever be any. For anyone deterred being on the Board in the future, having a Directors policy, can ease you mind knowing what the policy offers you.
Keith will explain all policies and answer our questions regarding which policies cover us and how our policies, limits, deductibles are calculated.
I encourage you to join in, and I hope to have the meeting recorded and available.
Please join us on February 7, 2020 at 9:00 AM
Thank You
Jon Korda