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Accumulating more info ...
It is a single policy, it is with Lloyd's. Retention/deductible $15milion, THEN a 5% deductible on each building, then they pay their $5 million. Does NOT cover fences, streets, or any common area improvements (pools, rec center, etc).
All the buildings built in early 90's have been bolted to foundations and shear wall retrofit done.
This is pissing money off the end of the pier, IMHO. I think the homeowners are way better off sticking the 40K in an EQ fund. In 10 years we'd have close to half a mil; in 20 we'd have a million plus. That appeals to me way more than forking over $40K to people who will not in all likelihood ever pay us a dime.
I'll vote no and lobby hard for sufficient votes to defeat this. Thanks for all the input, guys.
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