Ask the Expert

In this "Ask the Expert" segment, the question of whether condominium board members are qualified to approve insurance policies is addressed. The answer highlights that while board members and property managers may not be insurance professionals, they have roles to play in the insurance decision-making process. The approval of insurance policies should be a collaborative effort involving the board, property manager, and insurance broker. The insurance broker's role is to educate and inform the board and property manager about available insurance options, providing unbiased and qualified resources. The presence of insurance professionals in board meetings and annual general meetings helps bridge the knowledge gap and empowers the board to make informed decisions. The partnerships that insurance brokers have within the industry enhance their credibility as advisors and service providers, aiding both board members and property managers in understanding insurance requirements.