Did you know that Chicago is considered among the most dog friendly cities in America?
Think about it....Chicago has restaurants, parks, beaches, hotels and even a cruise. You can visit Navy Pier and take a cruise with fido and the two of you can enjoy the skyline and the lake breezes. Many bars and restaurants have come to the realization that people are more willing to eat out if they can their pet along. Now, all over the city there are dog spas and day care facilities opening to accomdate this market.
Even apartment and condominium owners are responding to the overwhelming demand to accept dogs. Landlords are finding that to stay competitive they must accept dogs. A recent study showed that over 30% of people seeking to rent have pets. Dog owners can choose from highrises to walkup buildings, some with very accomodating dog runs.
In some cases, landlords or condominium associations will set both breed and size restrictions on the type of dog. Some buildings may choose to charge a pet fee or an extra deposit.
In any case, as an owner of four very large rescue dogs, we are heading in the right direction.
Monday, August 30, 2010
Thursday, August 26, 2010
Really Good News
On a rare occasion I get to share good news with the homeowners and friends that are nice enough to view this blog. Today is such an occasion. Prairie Shores Management Company, LLC has been named managing agent for a very large condominium complex in Chicago. We had the privilege of competing with some of Chicago's better condominium management firms. But, in the end, the Board of Directors decided that the many years of experience providing excellent service would be the reason to select their next property management company.
Next week, we will issue a more detailed and complete announcement with commentary from the Board President and others.
Next week, we will issue a more detailed and complete announcement with commentary from the Board President and others.
Monday, August 16, 2010
Directors and Officers Insurance Coverage
Directors and Officers insurance coverage is crucial for each and every condominium, town home and cooperative Board of Directors. This insurance provides for the necessary protection an elected Board needs to set policy, make important decisions in open session and enforce the rules and regulation of the building.
If someone wishes to file a lawsuit against the condo association corporation, they may also choose to name both the corporate entity and the Board of Directors as defendants. It is not sufficient to have liability coverage for the building for such lawsuits. There must be a separate policy that covers the actions, or inactions of the elected members of the Board of Directors.
When the Board is working with an insurance agents, the Board should make certain that their Directors and Officers insurance coverage provides for the appointment of an attorney by the insurance carrier at the cost of the carrier in the event that a lawsuit against the Board is filed. These days, homeowners will actually sue the Board for not acting in an appropriate amount of time to resolve a problem. For example, I have seen a homeowner file a lawsuit against both the Association and the Board of Directors because they believed that the Board did not act quickly to resolve a ceiling leak. I have also witnessed in instance where the insurance carrier denied coverage under the Directors and Officers policy coverage because they agreed that the Board did not act with haste. Boards should make sure, with their insurance agent, that all the various loopholes are closed when securing proper D&O coverage.
Working with an independent insurance agent who has experience securing coverage for condominium associations is important. I have witnessed Boards insist upon using All-State, State Farm or Farmer's policies simply because their premiums tend to be lower than Best Guide A rated carriers such as Greater New York, Hanover and Travelers Insurance. Penny wise and pound foolish. Each Association or corporation needs broad form coverage that protects those homeowners who selflessly volunteer their time and energy to sitting on a Board of Directors.
That is why the right agent and the right coverage is very important.
If someone wishes to file a lawsuit against the condo association corporation, they may also choose to name both the corporate entity and the Board of Directors as defendants. It is not sufficient to have liability coverage for the building for such lawsuits. There must be a separate policy that covers the actions, or inactions of the elected members of the Board of Directors.
When the Board is working with an insurance agents, the Board should make certain that their Directors and Officers insurance coverage provides for the appointment of an attorney by the insurance carrier at the cost of the carrier in the event that a lawsuit against the Board is filed. These days, homeowners will actually sue the Board for not acting in an appropriate amount of time to resolve a problem. For example, I have seen a homeowner file a lawsuit against both the Association and the Board of Directors because they believed that the Board did not act quickly to resolve a ceiling leak. I have also witnessed in instance where the insurance carrier denied coverage under the Directors and Officers policy coverage because they agreed that the Board did not act with haste. Boards should make sure, with their insurance agent, that all the various loopholes are closed when securing proper D&O coverage.
Working with an independent insurance agent who has experience securing coverage for condominium associations is important. I have witnessed Boards insist upon using All-State, State Farm or Farmer's policies simply because their premiums tend to be lower than Best Guide A rated carriers such as Greater New York, Hanover and Travelers Insurance. Penny wise and pound foolish. Each Association or corporation needs broad form coverage that protects those homeowners who selflessly volunteer their time and energy to sitting on a Board of Directors.
That is why the right agent and the right coverage is very important.
Sunday, August 1, 2010
Maintaining Your Roof
Let's say that your building has just spent hundreds of thousands of dollars replacing the roof. The Association has paid the roofer and received the warranty as promised in the contract. Warranties can be good for ten, twenty or longer depending on the type of roof installed. As a member of the Board of Directors you think your focus can now turn to another issue your building faces since the roof is brand new. Wrong!
For a few hundred dollars per year you can enter into a maintenance agreement with a reputable roofing firm which calls for them to visit the roof one or two times per year and inspect all of the roofing seams, vent stacks and the flashing to make certain that there are no issues that may have occurred that would jeopardize your brand new roof. Typically, roofing companies that provide maintenance agreements charge $89. per hour for two men for a couple of hours to perform this important inspection. If the roofers, while at the building, notice a crack, ponding or that the flashing has come away from the parapet wall, they can immediately repair the problem. You should budget approximately $700 per year for a simple roof maintenance agreement.
The result is that you can, by Board vigilance, extend the life of your roof well beyond the warranty period.
Another event that can occur that spells doom for roofs is the satellite dish. Many installers working for Dish and Direct TV are independent contractors who only want to install as many dishes as possible over the course of their day and do not care about your roof and how they do the installation. That is why you can venture to the roof of many buildings in Chicago and see dishes attached to the elevator housing, the parapet wall or simply anchored into the roof in a convenient location. This can cause cracks and holes in your roof and, more important, void any warranty. There is a proper way to install a satellite dish and a process that your Association should abide by so that you are certain that the dish has been correctly installed.
Briefly, the correct way to install a dish is on top of a "sled". The sled is weighted so that it cannot move in a high wind and there is no puncture to the roof. Never on the parapet wall or a balcony or the facade of your building. Even better, the best way to install a dish is to have one central dish for all residents to hook up to and policies and procedures that govern the installation. The less people with access to the roof the more likely the roof will not experience damage over the years.
One such firm that installs master dishes and offers bulk service agreements for all residents is Access Media 3. However, there are other reputable firms that provide this service.
For a few hundred dollars per year you can enter into a maintenance agreement with a reputable roofing firm which calls for them to visit the roof one or two times per year and inspect all of the roofing seams, vent stacks and the flashing to make certain that there are no issues that may have occurred that would jeopardize your brand new roof. Typically, roofing companies that provide maintenance agreements charge $89. per hour for two men for a couple of hours to perform this important inspection. If the roofers, while at the building, notice a crack, ponding or that the flashing has come away from the parapet wall, they can immediately repair the problem. You should budget approximately $700 per year for a simple roof maintenance agreement.
The result is that you can, by Board vigilance, extend the life of your roof well beyond the warranty period.
Another event that can occur that spells doom for roofs is the satellite dish. Many installers working for Dish and Direct TV are independent contractors who only want to install as many dishes as possible over the course of their day and do not care about your roof and how they do the installation. That is why you can venture to the roof of many buildings in Chicago and see dishes attached to the elevator housing, the parapet wall or simply anchored into the roof in a convenient location. This can cause cracks and holes in your roof and, more important, void any warranty. There is a proper way to install a satellite dish and a process that your Association should abide by so that you are certain that the dish has been correctly installed.
Briefly, the correct way to install a dish is on top of a "sled". The sled is weighted so that it cannot move in a high wind and there is no puncture to the roof. Never on the parapet wall or a balcony or the facade of your building. Even better, the best way to install a dish is to have one central dish for all residents to hook up to and policies and procedures that govern the installation. The less people with access to the roof the more likely the roof will not experience damage over the years.
One such firm that installs master dishes and offers bulk service agreements for all residents is Access Media 3. However, there are other reputable firms that provide this service.
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