Resolution of the LCV Board at the 11/18/2014 meeting.

Resolution on HOA insurance. Gary reported about what our insurance company would do if we had a catastrophic loss to an entire building (2 or more units). The coverage is vague as well as the statement on insurance in our HOA Declaration document. He recommended that we more clearly define what the homeowners and the HOA would want rebuilt in the case of a total loss. Gary explained that by doing this we would have better coverage and would clearly define what each homeowner would have to cover on top of the basic level of the building that would be rebuilt. Gary explained in detail to those attending how we came about making a change to our HOA documents we would have better and less conflicting insurance coverage. The board and Gary have come up with resolution to define specifically what the HOA replacement would cover. The resolution once approved will be mailed to all homeowners so that they could take this to their individual insurance agents to provide the additional coverage for their personal property items that they would like to have covered. A motion was made by H. Ward to accept the proposed resolution and J. Roberts seconded. The motion to accept the insurance resolution was passed by all.