On July 25th, 2019, we posted in our website the latest update regarding the insurance policy to cover our Property for the fiscal year 2019-2020. As stated in the letter, securing the insurance policy has not been an easy task due to the restrictions in the insurance market for beachfront properties.
As we promised, with the assistance of our insurance broker Carrión, Lafitte & Casellas/HUB International, we continued looking for alternatives in the market to get the best price considering the conditions.
It is with great pleasure that I announce to you today that we have finally secured a very comprehensive insurance policy, with the same coverage that we had last year, at a very competitive price. The cost of the property and equipment policy will be $1,111,808, which compares to $1,068,131 last year. This is the bulk of our insurance cost. There are other coverages which are also beneficial to the HOA, such as liability, which are roughly the same cost as last year. The total cost of these policies which are beneficial to all HOA members will be distributed among all the Owners.The official carriers for the policy will be Lloyds Of London and Liberty Mutual Insurance Company.
Click here to read a letter with a legal opinion prepared by ESJ Towers, Inc. legal counsel, McConnell Valdés, delivered to us prior to binding the insurance, about the requirement to insure the property as required by the Condominium Law, the Master Deed, and the By-Laws.
Let’s continue working together making this Property the best beachfront property in the island.
Keith St. Clair