In the fall of 1994, international tennis star Vitas Gerulaitis died while staying in the guest house of a Long Island Estate. His death was caused by carbon monoxide which came from a faulty heater. Some sources estimate that carbon monoxide is the number one cause of death by poisoning in the United States. Further estimates suggest that in excess of one thousand people per year die from exposure to high indoor concentrations of carbon monoxide. In addition, even if carbon monoxide levels are not lethal, headaches, nausea, fatigue, dizziness, brain damage and aggravation of heart problems may occur.
1. REASONS FOR RULES AND REGULATIONS
a) PRESERVATION AND ENHANCEMENT OF PROPERTY
WHAT IS 'ADR': Alternative Dispute Resolution ('ADR') is any one of a number of methods designed to resolve a dispute without the necessity of a lawsuit or trial.
Board members have a fiduciary duty to the association/corporation and arguably directly to the individual members. Fulfillment of this duty requires that the board members exercise utmost good faith.
In ordinary corporate matters, the 'business judgment rule' is the standard by which board action is evaluated. The business judgment rule generally provides that, so long as the board members fulfill their duties of 'care' and 'loyalty' the board's decisions will not be second-guessed by a court.
1. Do not sign the contractor's proposal.
2. Have an attorney prepare anything larger than a nominal contract.
3. Make sure any conflicts of interest are fully disclosed and acknowledged in writing.
October 27, 2007 CAI-NJ Conference and Expo - Refreshing Insurance
1. Cultivate a Relationship with the Association's Insurance Representative
Insurance representatives make their living selling insurance and maintaining accounts. They are professionals and should be a part of the Association's professional services team. Association boards should be familiar with their insurance representatives and use them as a resource. Too often, board members do not even know who their Association's insurance representative is until a problem arises.