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Risk Management in a HighRise—MSCC No. 692
Author:
The Board of Directors of Middlesex Standard Condominium Corporation No. 692
Publication date:
September 7, 2022
Article Summary:
The article discusses risk management in a high-rise condominium corporation, focusing on the insurance market's challenges, claims history, communication, and risk mitigation strategies. The board's actions in maintaining updated history logs, regular maintenance, and communiques to owners, as well as implementing risk prevention programs, have helped reduce insurance claims and stabilize premiums and deductibles. The board also collaborated with the condominium's insurance broker to obtain the best rates and deductibles. Additionally, the article highlights the importance of clear communication with owners and regular reminders about their responsibilities in risk management.
Keywords:
High-rise, risk management, insurance market, claims history, insurance premiums, insurance deductibles, communication, risk mitigation strategies, maintenance, risk prevention programs, smoke detectors, fire prevention, rules and regulations.
Source Citation:
The Board of Directors of Middlesex Standard Condominium Corporation No. 692
Risk Management in a HighRise—MSCC No. 692
September 7, 2022
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