July 18, 2019

Dear Owners,

There has been a significant amount of concern, questions, and misinformation regarding the property insurance for ESJ Towers. While there is no doubt that the insurance market in PR, especially for our type of property, has been very difficult, ESJ Towers Inc. has taken its fiduciary responsibility seriously and has worked very hard to maintain insurance coverage. This challenge has been made much more difficult by 1) the confusion which has been created in the marketplace by having another group claiming to have authority to broker the insurance and by 2) the fact that the HOA, due to uncollected receivables, does not have the funds necessary to purchase the insurance which is expected to be $1.2m+. In order to clarify the situation, we have asked our broker to document the process and current situation. This document can be downloaded in this link. We hope that this information will bring much needed clarity to this situation.

Note: In order to maintain coverage, ESJ Towers Inc is paying $137,000 for a two week extension of the insurance on behalf of the HOA and for the benefit of all owners.

Regards,

Board

Click Here to Download Letter in PDF format: ESJ Towers Renewal Progress Letter 2019 – 2020 Rev 3