SS Memo 12-05

COMMON INTEREST COMMUNITY GUIDE REVISION: CONTACT SERVICING

August 3, 2012

Insurance Requirements

(Revised Sections .02.Z and 09.C)

The insurance sections of the Common Interest Community Guide are being amended in the following manner:

Section .02.Z: General Requirements for Project Acceptance - Insurance

  • The insurance carrier rating requirement is being changed from the previous requirement of no less than B/III to the new requirement of no less than A-.
  • The Fidelity Insurance requirement is being changed to more clearly state the fidelity bond requirement for the homeowners association and the management agent.
  • References to "condominium project" have been replaced with "common interest community project".

Section .09.C: Continuation of AHFC Approval - Insurance:

  • The fidelity bond reference is being removed from this section. A reference has been added that policies must comply with the New Project Acceptance Insurance section of the CIC guide.

FORMS GUIDE REVISIONS: CONTACT SERVICING

(Only available in PDF - Adobe Acrobat or Adobe Reader is required to read/print PDF files)

Revised Forms

  • PRJ-4 Common Interest Community Project Reacceptance Requirements

Attachments