Board members attending: Bill Brady (by phone), Bill Delaney, Lisa Farinacci, Betty Francis, Sean Holland (by phone), Bev Houston
Miscellaneous Other Attendees: Joanne Lowenthal, BCC Manager
BCC Owners Attendees: 65 (est.)
Board Meeting Minutes: N/A
Reports: None
Old Business:
Private Investigator: Tabled until March meeting by unanimous vote
New Business:
Flood Insurance: Discussion showed three bids were obtained from different insurance brokers. No difference in cost between brokers representing different companies. Board believed broker representing Insurance of America did a better job of researching and guidance than other bidders.
Broker advised that BCC was underinsured with a potential major loss to BCC owners . Insuring for the maximum building replacement costs would significantly reduce loss potential to owners at a cost of $13 per year per owner.
Board voted unanimously to increase insured amount to maximum and accept Insurance of America bid. (Details are available from the BCC office.)
Meeting adjourned at 7:45
2 comments:
As a concerned resident and one that investigates the monetary facts about board action the issue of flood insurance renewal.
It was not in the community's best interest and extremely misleading to present the renewal as only a $13 dollar increase per resident when the facts are the cost is the difference between $64,000 and $144,000=var=$80,000==$125.00 per resident and the property value whould always be portion of settlement value to residents ---33acres on the intercoastal waterway
You may know what you mean with this, but I sure don't and I doubt anyone else will either. The Board's explanation was clear.
By reducing the insurance from full coverage to the same inadequate coverage as last year we would save $8,100. 8100/640 = $13 per unit per year.
Looks like your mystery formula is just another smoke and mirrors effort to cover up criminal negligence of the last Board and confuse the people who pay the bills.
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