Ever wonder who makes all the rules that your condo management association enforces? Better yet, do you sometimes wonder why there ARE so many rules? Seriously, are you feeling a little suffocated? Before you put that rebel hat on, consider this, rules are the safety net for owners and tenants both financially and physically and good condo management associations know their importance.
Rules for physical safety, is your condo association management covering you?
We’ve all seen the rules a million times; no glass containers in the pool area, no running in the common area walkways, no hanging items from the balcony, no leaving trash outside the door overnight. Seriously, why, and who comes up with this stuff?
Some of the rules you follow may be dictated by the CRRs for your community; others are developed by the condo management association and approved by the board to limit the risk of injury. People who develop these rules for the condo management association are risk managers and their job is to look at each situation and determine what the risk exist, score them based on industry standard criteria and determine if an action or rule is need to limit or eliminate your exposure. Taking the example of the glass in the pool area; one slip with a glass item in your hand in a slippery wet pool area and the results could be deadly; easy fix on this one-no glass in the pool area and post it on a sign in case you have visitors.
Physical safety is one thing, but rules helping with financial security
Condominium management associations also are required to minimize your fiscal liability by utilizing rules that alter behavior. Again, think about the glass in the pool area; what if the person who falls is killed and his survivors decide to sue for wrongful death; after all, there was no sign or rule that said not to take that glass into the pool area. Insurance may cover the first time, but after that, their risk manager is going to say, why isn’t there a sign or a rule?
The other part of good risk management, is reduced premium cost for insurance. If your condo management association has a safety program in place that includes rules which limit the liability of the community, insurance companies will reward you with lower premium cost.
How can I make sure my condo management association has risk management?
After an event is not the time to ask if your condo management association has a risk management program, ask now. Best idea, give RISE Management Association a call. RISE is unique, they have all the specialist under one roof, spreading cost over multiple properties and providing you with a solid condo management association. Call them today at 713.936.9200 or email them at email@example.com. When you gamble with safety, you bet with your life, follow the rules.