Practical Approach for Community Association Risk Management

Celena R. Nash partner Law Offices of Celena R. Nash, in Coral Springs.

Each community association should operate as a nonprofit business with an important goal in mind: Promoting the health, safety and welfare of its community. In order to achieve this goal, your community should have a comprehensive risk management plan in action. A comprehensive risk management plan can reduce the association’s liability and exposure as well as make it more attractive to investors, lenders and owners for a variety of reasons.

One of the first steps to making a risk management plan is to have an open dialogue with the association’s legal counsel, insurance agent as well as the property manager. This team can help you identify the potential exposures to loss, create a plan of action to eliminate or reduce those exposures, then engage in the creation of systems as well as documents to streamline the maintenance process for your evaluation and most importantly, assure your members that your community is proactive and safe.