12/27/2018 Emergency Meeting Minutes
Chinquapin Homeowners Association Board
Emergency Meeting Minutes
Thursday, December 27, 2018
Carriage House, Chinquapin
3600 North Lake Blvd
Tahoe City, CA 96145
Charles Quaglieri, President
Terry Sarvas, Vice President
Steve Giacomi, Treasurer
Clint Harless, Secretary
Directors Absent: Carl Bertelsen
Bryan Costello, Insurance Committee
Homeowners Present - none
I. Call to Order - President Quaglieri Called to Order at 10:04AM – Announcement of Emergency Meeting for the purpose of discussing Chinquapin Property Insurance.
II. Mr. Miles – introduction of the Insurance situation.
III. Insurance topics:
- Base policy in place, with the cost of such effectively consuming the entire budgeted amount of $210,000 for 2019. This base policy provides $50MIL of insurance with a $100K deductible across the board, (in all circumstances, not just water). This amount is not enough to cover the whole property in the case of a major loss. An additional $75MIL of insurance may be purchased for $176,455. The total of $125MIL, combined with the approximate $17MIL from HO6 policies, should be enough for full coverage.
- Mr. Costello noted that CHOA is “lucky” to be a part of the program in place, as there are many properties having to buy insurance at extraordinary rates. Mr. Costello also clarified general insurance procedures, pricing, and policy.
- Mr. Harless asked that two items be looked into: 1) that the total amount of insurance will satisfy any mortgage requirements, and that 2) that the “Directors and Officers” insurance provide as much coverage as required for any reasonable occurrence.
- All agreed that more research should be done on the actual replacement value of all the structures on the property. The value for a full rebuild of the property should be known. A proper entity for this effort should be sourced in the near future.
- Homeowners shall be notified of the new $100K deductible, with a recommendation to supplement their individual HO6 policies.
- The Chinquapin insurance policies, both initial and supplemental, have been “bound”, and both method and timing of payment for these will be looked into by Mr. Giacomi.
A Motion was made and Unanimously PASSED to:
- Purchase an additional $75MIL in insurance for the price of $176,455.00
- Secure an “appraisal” for the price of a full property re-build/replacement
- Investigate and purchase additional “D&O Liability” insurance, as needed
V. Meeting adjourned at 10:55AM