I hear there are new state laws concerning condominium associations? Do you have any information on the changes?
R.R.
Miami
A major change in the statutes took effect Oct. 1. Only the condominium act was affected; the governor vetoed the changes proposed for the homeowners association act. That is expected to be reworked next year.
The changes for condominiums are too broad to address here, but all boards, members and managers need to study them. I can provide you with a seven-page outline if you send me a self-addressed envelope with two stamps marked "new statutes." If you send an e-mail, I will provide a link to a discussion with state Rep. Julio Robaina, one of the authors of the new statute. (See the information at the bottom of this column for my U.S. mail and e-mail addresses.)
Is there a formula or general rule to determine how much liability insurance a condominium complex should carry?
G.T.
Miami
There is no formula. First, check your documents to see if there is a required insurance amount. If not, you should have as much liability insurance as is financially prudent. Evaluate your association and operations, and whether there has been a history of lawsuits. Then consult with your association attorney and ask your insurance agent what he or she recommends.
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