Vinoy Place Case Study

As a multi-unit high rise luxury condominium project, Vinoy Place has many different types of insurance needs. In addition to the value of property, Vinoy Place is located in Florida where storms and hurricanes are common. Having adequate insurance coverage is critical should a disaster occur. The good news is that Vinoy Place has a great association manager and insurance agent, as well as an experienced insurance committee, and 2 board members with an insurance background. In the 2015 budget there is a line item expense for insurance of $239,028. This expenditure represents 15.7% of Vinoy Place’s total budget so it is a very important part of the association both from a financial and a protection aspect. The insurance agent for Vinoy Place is Adam Lopatin with Wells Fargo and he struck me as a very intelligent and competent agent. He said the most important thing about insurance in Florida is to make sure you are with a carrier that has the financial ability to pay out a claim. He suggests following the financial health ratings from AM Best and the carrier be A rated and A VI or higher is recommended. One thing Adam mention about the Vinoy Place policies is that they have no coinsurance provision which is a positive when a
Create a named storm/hurricane disaster reserve account. I will go into further detail on this option as part of the long terms goals for Vinoy Place.
2. Adam Lopatin mentioned that the high quality carrier is rated AM Best A6 and this carrier was unable to provide a hurricane deductible to Vinoy Place. I would suggest possibly looking for a carrier that is still A rated but perhaps a little less than A6 and could provide the hurricane deductible instead of the named stormed deductible. In this case the association would be protected if a named storm did damage but would still be at risk if a hurricane hit. The benefit to this method would be you eliminate some risk (the named storm exposure) and do not have to levy a special