A lawyer has warned condo owners and associations that they should not rely on government agencies to fully protect them from the aftermath of an earthquake.
A lawyer has warned condo owners and associations that they should not rely on government agencies to fully protect them from the aftermath of an earthquake. Writing in the LA Times attorney Michael Krieger - together with arbitrator Donie Vanitzian – says that expecting an agency such as America’s FEMA to fully compensate for losses after a quake is a view that’s “stuck in the sand”. They point out that a condo board has a duty to ensure that the association is run with good business judgement to achieve the best results for the owners. They should only advise against private earthquake insurance if a proper risk assessment has been carried out involving experts from competent authorities including geologists, structural engineers and accountants. That due diligence has already been carried out by insurers and reflected in their policies the article says.
