Reserve Study and Insurance Audit
We recently commissioned a Full Reserve Study Report for the Island Inn. This is an important study as it highlights the assets and equipment that are maintained by using our Reserve Fund. The Reserve Study also updates the monthly amount that must be contributed
to the Reserve Fund. The report indicated that we had to increase our monthly Reserve Contribution to the fund.
We also commissioned an Insurance Audit and an Insurance Valuation update. The Insurance Audit report highlights areas where we might be under insured and the Insurance Valuation updated the property values to ensure that our coverage is at 100%.
Both the Flood Insurance and Property Umbrella Insurance have been renewed with the new values and cover. These Insurance renewals increased our Insurance cost by more than $40,000 per year but Owners can rest assured that the Association maintains adequate insurance for the property.
We also started the process to conduct a full Engineering Study. This study will focus on the Structural and Electrical components of the building. Watch this space for more information about the Engineering Study.