Here is some information I received from John Hall about the Ilikai insurance, click here. (John Hall is a Director on our Board and he also works for our current insurance carrier.) I reference there a summary re flood insurance that I wrote last year after doing much research.
Note also the $50K deductible, compared to$10K last year. It is a much worse deal.
I am still confused why the AOAO pays for insurance for Hawaii First. This came up at today’s Board meeting. Mr. Emery of Hawaii First elaborated, but I could not comprehend the reasoning.
The Ilikai Declarations requires insurance against our managing agent. It protects us from mismanagement of funds etc. You can get a copy of our declarations from the Association office. See Article VIII in the By-laws section Section 1 (b).
Nancy, thanks for bringing up this important point. (It is also great to know that there are folks who read the Bylaws!
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I don’t understand either why the AOAO is paying for insurance for Hawaii First. Hawaii First is not part of the AOAO.
I WOULD LIKE TO SEE A PUBLIC EXPLANATION (EITHER ON THE WEBSITE OR BY LETTER TO ALL THE OWNERS) JUSTIFIYING WHY THE AOAO IS PAYING THE INSURANCE FOR HAWAII FIRST.
ALSO, IF NOTHING CAN BE DONE TO REVERSE THIS YEARS OUTRAGEOUS PREMIUM & DEDUCTIBLE, THE BOARD SHOULD EXPLAIN WHY.
THIS IS AN ISSUE THAT NEEDS TO BE ADDRESSED DUE TO THE AMOUNT OF MONEY INVOLVED.
I WOULD HOPE THAT THE BOARD WILL TAKE THE INITIATIVE & BEGIN SEARCHING FOR AN ALTERNATIVE CARRIER……..NOW!…..NOT 4 DAYS BEFORE IT COMES DUE IN 2010.
AS A RETIRED BUSINESS OWNER, I KNOW FOR A FACT THAT SHOPPING AROUND AND/OR CHANGING (OR THREATENING TO CHANGE) INSURANCE COMPANIES ALMOST ALWAYS RESULTS IN A REDUCTION IN YOUR RATES. I HAVE FRIENDS & RELATIVES IN THE INSURANCE BUSINESS WHO WILL SUPPORT MY CLAIM (OFF THE RECORD).
IF THE AOAO BOARD HAS NOTHING TO HIDE, THEN THEY SHOULD HAVE NO PROBLEM ANSWERING OUR QUESTIONS & CONCERNS.
THANK YOU.