PRESIDENT'S MESSAGE By Dave Peterson, Board President
Insurance. In my last month’s a critical concern of the association, and the final report column, I described the pickle we will clarify that. There may be sections where we will are in regarding insurance. The want to reach out to some homeowners and advise association insures 58 buildings action, however. (mostly townhome buildings, but also some common buildings), plus The Bavarian Isle bulkhead is in worse shape because the some liability items, and the collapse buried steel tieback cables are badly corroded and some of the insurance industry in California have failed. We’ll await the final report to determine has left us short on the building coverage. Initially, we whether there are portions that require action by the were able to bind just $25M in building coverage. The association, or whether we advise specific homeowners issue is “capacity”. Companies do not have the capacity to act, or what. We should be getting the report in to insure our total value of $109M. We tasked our broker November, and then we can make a plan. to scour the industry, and they were able to secure another $40M, which we approved at the October 18th The Islanders 1 bulkhead was brought to the board’s board meeting. We are still searching for the remainder. attention at the October meeting. It is a 50-year-old The premium cost far exceeds our budget assumption timber crib retaining wall, and it has failed in several of a 35% increase this year, so the excess is going out as locations. The board approved some emergency an emergency special assessment to townhome owners. temporary shoring, and requested staff to secure bids for This is a major bummer, and none of us did anything to the permanent replacement or fix. earn this problem. Bear Boxes. Bears are breaking into homes all over SLT. Special Assessments. As mentioned above, the They are now breaking windows and entering. This is board approved an emergency special assessment for getting expensive and intrusive and scary. Bear boxes are townhome owners to fund the excess insurance cost. helping. They are expensive, but less so than a break-in. The special assessment vote for Cove 2 was again extended to try to get to a quorum. We will count votes on the special assessment to fund year 3 of the CMT at the November 15 Board Meeting. I hope it passes.
Fee and Fine Schedule. At the October meeting, the board approved sending a modified fee and fine schedule out for 28 day member review. We’re proposing some significant changes, especially to the fine schedule to address chronic problems. Please review this and give us your comments ASAP.
Bulkheads. The construction contract for the Cove 3C bulkhead has been signed, and steel has been ordered. Construction will proceed through the winter.
Winter Preparations. The fall was short, and winter is coming. It’s already freezing at night. You should turn off and drain your irrigation system, secure outdoor furniture, get boats out of the water, and prepare to start We received the draft engineering report on the St. Moritz clearing snow. This year, please plan to keep snow away and Bavarian Isles bulkhead assessment and met with from your water shutoff valve, electric meter, gas meter, the engineer to get clarification on some items. The and your closest fire hydrant. Access to those things is bulkheads on these 2 isles are owned by the individual a “right now” issue in an emergency, and time wasted homeowners, but it becomes an association concern if shoveling could mean a lot of damage to your house. And failure is imminent and would cause damage of a health a buried gas meter is an explosion risk. Explosions are and safety magnitude to neighboring properties. It is bad. now looking like most of the St. Moritz bulkhead is not Keys Breeze
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NOVEMBER 2023
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