Requires associations to provide unit owners within thirty (30) days notice of any increase in the deductible application to the association’s policy.
Impact
The implementation of S0507 is expected to have significant implications for the management of condominium associations in Rhode Island. By establishing a clear requirement for notifying unit owners about deductible changes, the bill facilitates a more transparent governance structure. Unit owners will now have a better understanding of their potential liabilities, particularly regarding their obligations to cover deductibles that arise from damage to the common elements of their condominiums.
Summary
Bill S0507 addresses the procedures that condominium associations must follow regarding insurance deductibles. Specifically, this bill mandates that associations provide unit owners with a thirty-day notice of any increase in the deductible applied to the association's property insurance policy. This requirement aims to enhance the communication between condominium boards and unit owners, ensuring owners are adequately informed of changes that could affect their financial responsibilities in the event of an insurance claim.
Contention
While the bill is generally viewed as a positive step towards improved transparency in condominium governance, it may raise questions about the adequacy of communication methods and the effectiveness of associations in adhering to this requirement. There may be concerns regarding how diligently associations will enforce these notification procedures and how unit owners can hold associations accountable for non-compliance. Furthermore, the clarity of the language used in notifying unit owners about changes in deductible amounts must be ensured to prevent misunderstandings.
Requires associations to provide unit owners with thirty (30) days notice of any increase in the deductible application to the association's policy ensuring that unit owners will have coverage relating to their responsibility.
Requires associations to provide unit owners with thirty (30) days notice of any increase in the deductible application to the association’s policy ensuring that unit owners will have coverage relating to their responsibility.
Requires the recording of the bylaws and rules of the association in the land evidence records of the city or town the condominium is located in and require amendments to the original filings to be certified by two (2) members of the executive board.
Requires the recording of the bylaws and rules of the association in the land evidence records of the city or town the condominium is located in and require amendments to the original filings to be certified by 2 or more members of the executive board.
Provides that the "meetings" requirements from § 34-36.1-3.08 be applicable to condominiums created before July 1, 1982 and would permit remote participation in condominium meetings.
Requesting That The Department Of Commerce And Consumer Affairs Compile Pertinent Data To Determine The Appropriate Scope Of A Study Analyzing Whether Implementation In This State Of Laws Similar To Captive Insurance Laws Of Massachusetts Would Address This State's Residential Condominium Property Insurance Needs.