Fw: Woodland Village Condominium Association renewal -waiting review approval

[Paul Kinchi]

Hi to All,

It looks like a quick decision has to be made. If you agree with this proposal let's vote for it, if not no action necessary. I my opition that we can go with it for the next year and eventually look for better one, if possible.

BR

Plamen

 

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From: Ashley Flewelling <aflew...@northpointmanagement.com>
Sent: Monday, August 7, 2023 11:54 AM
To: Lucas Sevigney <lu...@sevigney-lyons.com>; Clark, George <gecl...@outlook.com>; Duffey, Karen <karendu...@gmail.com>; Jooyeon, Peter <peter...@gmail.com>; Mihaylow, Plamen <pla...@hotmail.com>; Omer, Husseina <h.ome...@gmail.com>
Subject: Re: Woodland Village Condominium Association renewal

 

Good Morning Board, 

Insurance Renewal is up on 8/15/2023. We need a response by 8/11/2023 if you would like to move forward with the policy changes Lucas has recommended and if you would like Lucas to BOR. 

Also, there are invoices that need review and approval, if George or Peter you could please log-in to the Portal and please review. 

Thank you, 

Ashley

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From: Lucas Sevigney <lu...@sevigney-lyons.com>
Sent: Friday, August 4, 2023 12:36 PM
To: Ashley Flewelling <aflew...@northpointmanagement.com>; Clark, George <gecl...@outlook.com>; Duffey, Karen <karendu...@gmail.com>; Jooyeon, Peter <peter...@gmail.com>; Mihaylow, Plamen <pla...@hotmail.com>; Omer, Husseina <h.ome...@gmail.com>
Subject: RE: Woodland Village Condominium Association renewal

 

Ashley,

   Apples to Apples our quote was coming in around $8,100.00 but I made some coverage revisions that were important which brought the premium to $8,998 for the $10,000 deductible or $9,378.00 for the $5,000 deductible. The coverages are immensely better as you will see below…

1. Blanket Building limit Increased from $3,302,120 to $3,851,000 (16%)
2. General Liability is doubled from $1,000,000/$2,000,000 to $2,000,000/$4,000,000
3. Directors & Officers Liability is doubled from $1,000,000 to $2,000,000
4. Ordinance & Law 1 is the full building limit and 2&3 are $250,000 (Found in the Power Pac Premier Endorsement and the Building Owners Endorsement)
5. Water Backup of Sewers and Drains is increased to $50,000 ($25,000 on each building and an additional $25,000 in the Power Pac Premier Endorsement
6. Increased Fungi and Mold coverage from $15,000 to $50,000
7. $2,000,000 in Hired and Non-Owned Auto Coverage
8. $25,000 In Crime Coverage including the property manager and directors and officers
9. Business Income/Disruption is Actual Loss Sustained
10. Additional $350.00 savings if they do their billing monthly with direct bank withdrawal.

 

Let me know what you all think and please don’t hesitate to let me know if you have any  questions. We can also do a quote at a $2,500 and $1,000 deductibles but we do not recommend these.

 

Lucas Sevigney _CIC

Elite Condominium Program© Manager

Sevigney-Lyons Insurance Agency

407 The Hill, Portsmouth, NH 03801

1662 Post Road, Wells, Maine 04090

Office: 800-286-0280

Cell: 207-332-9117

 

 

 

 

From: Ashley Flewelling <aflew...@northpointmanagement.com>
Sent: Friday, August 4, 2023 11:08 AM
To: Clark, George <gecl...@outlook.com>; Duffey, Karen <karendu...@gmail.com>; Jooyeon, Peter <peter...@gmail.com>; Mihaylow, Plamen <pla...@hotmail.com>; Omer, Husseina <h.ome...@gmail.com>
Cc: Lucas Sevigney <lu...@sevigney-lyons.com>
Subject: Fw: Woodland Village Condominium Association renewal

 

Good Morning Board, 

 

Please see information regarding insurance renewal below. Please, let me know if the Board would like to increase the insurance deductible to $10,000? 

 

I have copied Lucas on the email to offer his opinion. 

 

Thank you, 

 

Ashley

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From: Jayne Farrar <jhfa...@abminsurance.com>
Sent: Friday, August 4, 2023 10:58 AM
To: Ashley Flewelling <aflew...@northpointmanagement.com>
Subject: Woodland Village Condominium Association renewal

 

Attached is the renewal policy for the Woodland Village.  The blanket building coverage is renewing the same as last year at $3302120.  Currently, there is a $1000 deductible.  If you would like to change to $10,000 deductible, the premium would drop to $9283.  The premium has increased this year because of the recent loss.   If you want to change to the 10,000 deductible,  or if you have any questions, please let me know and I will make the necessary changes to the policy.

 

JAYNE FARRAR

Executive Assistant

ANDERSON, BAGLEY & MAYO

INSURANCE AGENCY, INC.

44 Main Street PO Box 360

Leominster, MA 01453-0360

Phone: (978)534-5133

Direct: (978)534-2800 ext 117

Fax:     (978) 534-9385