It is our nature to want stuff. It is natural to want what the other guy has.
So we go out and get it without much thought. We just want it! Just because.
Look in my kitchen to see what I mean. At some point I had an epiphany that came to me and said that I have to have a bread machine, a make your own soda machine, a frydaddy, and a waffle maker. Don’t even get me started on home fitness stuff that my wife had an epiphany about including the thigh buster and the butt cracker.
We think about the cost, we think about the usage ( always divide that by two or more) But do we ever think about the insurance.
The answer is no.
Let’s look at pools and playgrounds:
- Liability, liability and more liability. Pools should come with a lawyer along with the directions and water.
- property insurance- Did anyone think to cover the property? probably not.
- Directors and Officers- What happens when the second guesser says ” why did we do this and who made this BAD decision” Oops!
- Likeability- What happens when your insurance company who used to like you, doesn’t like you any more? And if they like you still, you will pay for it for sure.
The point is that you want it, you have to have it, and you more than likely will get it ( Think thigh master). But, before you do, think about what you will need for insurance, and how it will affect the association.
As always good luck and be smart.