TO: All Members, Marquee Park Place Homeowners Association
FROM: The Board of Directors, Marquee Park Place HOA
RE: Notice of Approved Marquee Park Place Mandatory Insurance Obligation Policy September 21, 2017.
A thirty (30) day notice of a proposed Marquee Park Place policy revision was recently mailed to the membership for review and comment. The Board of Directors reviewed and considered your comments during the Board meeting held on September 21, 2017. After careful review and consideration, the proposed policy revision(s) were adopted as follows:
Pursuant to Section 12.3 of the Association’s CC&Rs, each owner is required to maintain insurance for their units. Specifically, the following insurance must be obtained/maintained by the owner(s) of each Association Unit: (If you do not, you are in breach of the Association’s Governing Documents.)
- Property insurance, insuring against losses to personal property located within the owner’s residential Unit and to all upgrades and Improvements located within that residential Unit; Property Insurance – $100,000 minimum; Personal Property Insurance – $50,000 minimum;
- Liability insurance against liability resulting from injury or damage occurring within the owner’s residential Unit. $1,000,000 minimum.
All insurance policies obtained and maintained must contain a waiver of subrogation rights by the insurer as to the Association. If you have any further questions, please contact the Management office at (949) 250-5785.
The September 2017 Newsletter for Marquee Park Place is now posted on the website and displayed in the lobby, please pick one up. It’s also included in vivoportal.com for your reading enjoyment. We have several updates on this months newsletter that include the following:
What’s for Sale or Lease at Marquee Park Place
Introducing New Front Desk Associates and more…
PROPOSED INSURANCE POLICY REVISION
MARQUEE PARK PLACE HOA
Pursuant to Civil Code §4360, the Board of Directors will be considering the proposed operating rule changes at the Board of Directors meeting to be held at the 3141 Michelson Dr., Irvine, CA 4th Floor East Tower Lounge on September 21, 2017 at 6:30 pm. If you wish to share your opinion regarding the proposed administrative rule revisions, please send your written comments to management’s office so it can be delivered to the Board prior to the Board Meeting.
The text of the original policy and proposed revision is as follows:
Current Provisions to Insurance Policy and Operating Rule. Further, pursuant to this Policy, the above-referenced liability coverage must be in a reasonable amount, but in no circumstance in an amount less than One Million Dollars ($1,000,000.00).”
Proposed Revisions in Italics to Insurance Policy and Operating Rule. Further, pursuant to this Policy, the above-referenced property coverage must be in a reasonable amount, but in no circumstance in an amount less than One Hundred Thousand Dollars ($100,000). Personal property coverage must be in a reasonable amount, but in no circumstance in an amount less than Fifty Thousand Dollars ($50,000). The liability coverage must be in a reasonable amount, but in no circumstance in an amount less than One Million Dollars ($1,000,000.00). remains in effect.
The Board will be renewing the Association insurance policy effective October 1, 2017. Due to the increase in water losses incurred by high rise properties, there has been a substantial water loss deductible increase from $10,000 a water loss up to $50,000 deductible. This is a direct result of too many water losses in high rises and homeowners not carrying insurance or enough insurance on their own units If Marquee proves that they can make sure that the residents properly cover and protect their own home at the amounts quoted above, there will be a consideration of dropping the deductible in a year’s time.