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Given how ummm, “frugal” the condo owners were with critical repairs, I’m going to guess the association is very underinsured. To keep the premiums down as much as possible.
As far as coverage, of course insurance covers negligence, that’s the whole purpose of it. However, very often gross negligence (of course along with intentional misconduct etc) is not covered.
That’s usually tough to show, and here it appears the association was in the process of getting bids, putting a big assessment in place, etc. So they were taking steps, it was just a little too late.
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