Robert has it right.
From what I’ve read, the condo association made the owners aware there were problems. According to NPR, the residents were shown a PowerPoint presentation in November with bold, uppercase lettering saying “WHY WE HAVE TO DO ALL THIS NOW.” Additionally, they sent a letter in April 2021 indicating that the damage was increasing. (https://www.wnyc.org/story/months-before-florida-condo-collapse-residents-and-board-sparred-over-repairs/). They’ve known there were problems that were going to have a hefty price tag since 2018.
If the residents knew of the damage and refused to raise the money to fix it, who is at fault? I would even argue that insurance should not pay.
But then it becomes more complicated. Suppose I didn’t want to pay to fix the damage, but my neighbor did. Should my neighbor sue me for refusing to participate in fixing the problem? And isn’t suing the condo association just a way of suing themselves considering the funds from the condo association come from the individual owners (except of course, a large insurance payment).
The only winners here are the lawyers.
A nightmarish loss of life. I sit on a board up in Canada. Province regularly tightens the regulatory screws, can’t say I blame them. 30 million on a 12 storey property? Grossly under-insured. The insurer for the 2 mil will be understandably relieved to cut a cheque. I suppose we can all look forward to a nice premium hike next renewal..
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$18m in liability and possibly only $2m in D&O? Hmmm….I think I know where this is going!
Maybe the condo owners should sue themselves for refusal to fund the necessary repairs.
Exactly! And, I believe by suing the HOA, they are suing themselves anyway.
Robert has it right.
From what I’ve read, the condo association made the owners aware there were problems. According to NPR, the residents were shown a PowerPoint presentation in November with bold, uppercase lettering saying “WHY WE HAVE TO DO ALL THIS NOW.” Additionally, they sent a letter in April 2021 indicating that the damage was increasing. (https://www.wnyc.org/story/months-before-florida-condo-collapse-residents-and-board-sparred-over-repairs/). They’ve known there were problems that were going to have a hefty price tag since 2018.
If the residents knew of the damage and refused to raise the money to fix it, who is at fault? I would even argue that insurance should not pay.
But then it becomes more complicated. Suppose I didn’t want to pay to fix the damage, but my neighbor did. Should my neighbor sue me for refusing to participate in fixing the problem? And isn’t suing the condo association just a way of suing themselves considering the funds from the condo association come from the individual owners (except of course, a large insurance payment).
The only winners here are the lawyers.
A nightmarish loss of life. I sit on a board up in Canada. Province regularly tightens the regulatory screws, can’t say I blame them. 30 million on a 12 storey property? Grossly under-insured. The insurer for the 2 mil will be understandably relieved to cut a cheque. I suppose we can all look forward to a nice premium hike next renewal..