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Most board members think their general liabilities policy covers all pollution and environmental risks. That is simple NOT THE CASE and if your building experienced something like Legionnaires Disease bacteria, which occured in Co-City in the Bronx - http://nydn.us/1ySwJVX - , your board, it's members and all the tenants could be financiallty responsible for clean up costs and more importantly, all medical, rehab, etc. costs related to infected individuals. I can help.
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All your trusted consultants should work together, share information, but allowed to provide their unique expertise. I represent HUB International, the 9th largest insurance brokerage globally. Different from an agent, where they only sell their own companies products and services, a broker, and one specifically the size of HUB, is not constrained by any one companies products, and fully utilize our resources to provide the best match of company and need. The stand alone environmental coverage, while most important, is only one component of properly protecting our clients, all depending on their unique risks.
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Mark,
Ned is correct, so is Wayne albeit with further clarity. Firstly your insurance policy's should provide for environmental risks. So... if you self-manage, whomever is assigned must know about insurance as well. Of course you will hire an Ins. Agent who will/should discuss all of the potential pit falls, with clarity, to the Board.
You may want to consider outsourcing the accounting function to an independent third party.....
You may want to consider hiring an individual who has a number of years of property/facilities management experience.
If you choose, I am available to discuss.
Best wishes,
Joe
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