PLAYMOR BERNARDO
HOMEOWNERS ASSOCIATION
BOARD OF DIRECTORS
SPECIAL INSURANCE MEETING
JULY 1, 2002
PRESIDENT JEFF WILSON CALLED THE MEETING TO ORDER AT 6:55 P.M.
ATTENDANCE: SEE THE LIST AT THE OFFICE.
NEW BUSINESS
MEETING WAS HELD TO DETERMINE PAYMENT METHOD FOR PLAYMOR'S COMMERCIAL, GENERAL LIABILITY, PROPERTY AND UMBRELLA INSURANCE POLICY FOR NEXT FISCAL YEAR. COST FOR POLICY IS INCREASING FROM $24,397.00 FOR FY 02 TO $142,997.14 FOR FY 03.
AFTER A PERIOD OF QUESTIONS AND ANSWERS WITH REPRESENTATIVES FROM SNAPP AND ASSOCIATES THE BOARD DETERMINED THAT:
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AN UP FRONT PAYMENT OF $40,031.04 WAS NECESSARY TO BIND THE POLICY.
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THE REMAINING AMOUNT TO BE FINANCED AND CHARGED TO MEMBERSHIP AS A SPECIAL ASSESSMENT OF $34 DOLLARS A MONTH PER UNIT FOR ELEVEN MONTHS, OR A ONE TIME PAYMENT OF $374.
BOARD TO SEND LETTER OF EXPLANATION TO MEMBERSHIP REGARDING THE COST INCREASE.
ADJOURNED AT 7:16
More information about the special assessment for insurance is available here.
PREPARED BY RUTH MARSHALL - ADMINISTRATIVE ASSISTANT
(MSC) = Motion, Second, Carried