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Re: “Parkside residents get handed the bill for repairs

I've known Terry Rector for five years. He has represented my friends and a family member in legal matters, all that ended well. I would not ignore Terry's direction. I've never known him to plot against Parkside. If anything, he is willing to risk his personal comfort to make sure that the officers and directors don't repeat the mistakes of the past. Why would you not file a D & O claim against the Board to receive the funds necessary to offset the previous officers decision to fail to comply with Parkside covenants? If the officers truly can prove that they shopped for a master policy, then that would be encouraging. But their decision to disregard the covenants and then fail to change the by-laws eliminating the master policy insurance requirement is not appropriate. They were out of line on both counts. You individual owners and members of Parkside deserved to know BEFORE the fire that you didn't carry a master policy and that you needed to increase your coverage and protection through other means. If the D & O claim was shepherded properly, there might not be ANY special assessments for infrastructure repair. If the officers were not so unwilling to admit that they failed to carry out their obligations under the marching orders of the covenants, this piece would possibly be finished now. Terry says, it's not about digging up the past. It's about correcting a problem by utilizing the insurance in place to satisfy any and all special assessments and MOVING FORWARD. How many more special assessments will surface in the near future as these homes are brought toward completion? The moving target is going to be the Drainage piece in the reconstruction. It's a moving target and NO ONE can get their arms around those numbers right now. If a D & O claim is filed, will a board member here and there be sad about the discussion? Sure. But that comes with the territory of volunteerism and the price you pay to be the leader. People in authority make the best decision that they can under the circumstances and we go on. But we need to remedy the outcome of the decisions made. Insurance agent, Mr. Cobb's comments at the last meeting stated that this master policy of insurance was not practical, wouldn't cover the items that failed and is not affordable. What's sad is that he has made this determination public without backing it up with proof. A lot of people drank the friendly kool aid. Don't be misled. While the availability of the insurance is important to this discussion, the resistance from the board toward filing a D & O claim is not for the benefit of you lot owners in Parkside. It's to avoid the confrontation and the sadness. You don't have time for this. The one-year statute of limitations deadline for a claim against the D & O Coverage is 26 June. Don't waste time. Urge your HOA to file that D & O claim immediately or you will regret every dollar you pay toward the special assessments in the years to come. Thank you to the author of this article for not laying down on searching out the details. The public needs to know and you are a good steward.

4 likes, 2 dislikes
Posted by Watcher777 on 05/17/2013 at 1:17 PM

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