Connected Management Blog

Helping condominium board members run a successful community.

Workers Compensation Insurance for Condo Associations

Workers Compensation Insurance Workers’ Compensation insurance, sometimes referred to as Workers Comp, is the type of policy most commonly purchased by condo associations that is not required in the Illinois Condominium Property Act. Workers Comp insurance is a type of insurance purchased by employers for the coverage of employment-related injuries and illnesses. Workers Comp is state mandated in Illinois for any employer with “W2’d” employees. If your association directly employs one or more persons, and issues them a W2, you are required to pay for workers compensation insurance. Most condominium associations do not employ traditional employees, but workers comp can still...
Continue reading
2373 Hits

Directors and Officers Insurance

Directors and Officers Insurance In many ways this is the most complex type of insurance policy that a condo association in Illinois is required to maintain. Directors and Officers insurance (D&O) protects board members from damages resulting from allegations of wrongful conduct and lawsuits. It provides legal defense coverage as well as indemnification of damages, up to the policy limits. Unfortunately, board members may make mistakes. Without Directors and Officers insurance, a mistake could be disastrous.  Board members have certain fiduciary duties and fiscal responsibilities when serving in their respective capacity for the Association. They have an obligation not to violate...
Continue reading
1763 Hits

Condo Association Insurance 101

Condo Association Insurance 101 - Knowledge for Board Members This article provides an overview of the types of insurance that an Association should and must maintain. The Board of Directors is responsible for ensuring that the legal and reasonable levels of insurance coverages are in place at all times to protect the members of the Association. This is a great responsibility and should not be taken lightly. A Warning of Importance As I instruct my staff on a regular basis, in the governance of an Association there is nothing that carries a higher risk of legal liability than matters of insurance....
Continue reading
4661 Hits

A condo managers review of Illinois Senate Bill 2664

Condo foreclosures, delinquencies and the new 9 months rule (Illinois Senate Bill 2664, ISBA FORECLOSURE BILL) If you are a member of a condo board then you will eventually be forced to deal with owners that are delinquent in their payment of their monthly assessments. Unfortunately, severe assessment delinquency is often coupled with an impending foreclosure. After all, if a unit owner is not making their monthly assessment payment to the association, it's a good bet that the owner is struggling to pay their mortgage. If a foreclosure occurs within your association you have a financial interest in handling the...
Continue reading
14363 Hits

Bill proposes mandatory payment plans for delinquent owners

Illinois House Bill proposes mandatory payment plans for delinquent owners HB 4154 (Rep. Madigan and Rep. Kifowit) ALTERNATIVE PAYMENT OF DELINQUENT ASSESSMENTS. Overview of the bill This bill proposes the creation a new Sec. 1-47 of the Common Interest Community Association Act which would mandate that common interest communities of more than 14 units adopt “reasonable guidelines” for delinquent owners to pay regular and special assessments. The bill would require the association to adopt and record in the county recorder’s office guidelines for a payment plan. The payment plan would need to be a minimum of 3 months and not extend...
Continue reading
5802 Hits

HEAR WHAT YOUR NEIGHBORS ARE SAYING ABOUT CONNECTED MANAGEMENT!

The most valuable feedback about our service comes from active board members. Watch our video testimonials to learn about their experiences with Connected.


TOP