Don't Be a Turkey
President Truman started a yearly tradition in 1947 by pardoning a Thanksgiving turkey. That practice now takes place every year by the sitting president. You probably didn’t know that insurance advice shares a common characteristic of the turkey. Both contain tryptophan-like qualities, producing blissful slumber to those who consume them. So, in preparation for the holiday I offer you some advice to sleep on. I am seeing more and more condominium and townhome properties who discover significant property damage, but wait too long before seeking advice about whether they have an insurance claim. Unlike the lucky turkey who receives the annual pardon, insurance companies and courts are far less forgiving. An untimely claim can result in hundreds of thousands, and sometimes millions, of covered damages washed away like so many Hot Toddies consumed by your drunk uncle on Thanksgiving.
My advice this year is simple: Don’t be a Turkey. If you or your Association discovers significant property damage, seek legal advice as to whether you may have a claim. The answer won’t always be yes, but at least you’ve done your due diligence to see if you can save the Association, and its individual members, a significant amount of money.
From all of us at Barker Martin, we hope everyone has a wonderful Thanksgiving!