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Insurance Committee

“INSURANCE COMMITTEE . . . . shall meet at least once a year to review bid specifications and bids for insurance coverage. There shall be at least one (1) Parcel resident on this committee.”

Advisory Committee
Lakewood Policy #3 | Committees

About this Committee

Each year, the various insurance policies held by Lakewood will renew on November 1. This committee serves as an advisory committee to provide support in decision making when staff weighs insurance policies.

The Committee may meet up to 1 or 2 times per year, at the service of the staff who are collecting bids on applicable years. The LPOA Accounting Manager is the primary manager of the policies, the bidding, and filing of information for any policies or claims throughout the association. Submissions for any renewals are due by Nov 1 annually, so any type of bidding process would need to begin annually around mid-July. The carriers like to get all their info 60 days prior to renewal.

Committee Members

    • Chair: TBD
    • Joe Casebolt – 2010
    • Paul Crisafulli – 2013
    • Mike Kelly – 2023
    • Julie Phillips – 2021
    • Joseph Piatczyc – 2022
    • Charles Wells – 2020
    • Board Liaison: Tom Maloney
    • Staff Liaison: Mark Reid

Interested in serving on this committee?

Serving on the Committee

People on insurance committee should have insurance background and be knowledgeable about:

    • Marketplace
    • Industry
    • Trends and Market Drivers
    • Multi Family & Habitational Market
      • Market Players
      • Deductible trends for wind & hail (Per building for Multi Family)

Insurance Needs of the Community

Policies Addressed by the Committee:

    • Property, Casualty & General liability
    • Liquor Liability
    • Automobile policy (staff trucks and vehicles)
    • Watercraft (patrol boats and pontoon boat rentals)
    • Workers Compensation
    • D&O (Directors and Officers) –
      • All past and present, directors, officers, committee members and chair people, about 95 individuals
    • Dam Downstream Liability
    • Umbrella Policy
    • Parcel: Residential Homeowners Insurance Policy – 6 Multifamily Parcels *1

Note 1: The Associations portion of the Master Insurance Policy is small in comparison to the size of the Parcel Homeowners Insurance Policies.

These policies are reviewed by the Insurance Committee and the committee makes recommendations to the Board for their consideration.

Policies not addressed by Committee:

    • Employee Health Care Insurance
    • Employee Dental Insurance
    • Employee Life Insurance

These policies are reviewed and approved by the Board of Directors.

Planning, Quoting and Valuations

Most of the planning, quoting, and valuation of assets are done between LPOA’s Administration Staff, our Agent/Broker and our Insurance Consultant.

Broker – Bill Adams with The Oliver Agency
Consultant – Charlesworth and Associates
LPOA Staff – Machelle Seiler, Lakewood Administrative Office Manager

Steps to a successful Insurance Renewal:

    • Minimize Loss
    • Have correct valuations of property and assets
      • Current property valuations by Consultant is every 3 years
    • Broker goes out for at least three (3) quotes to the market
    • Broker submits quotes to staff and Insurance Committee for review
    • The Insurance Committee submits their recommendations to the Board of Directors
    • Staff submits their recommendations to the Board of Directors.
    • The Board of Directors approves the policy with or without comments and additional directive.

Forward-Looking Recommendations

Switch to bidding every 5 years, instead of 3 years. Insurance Companies make good partners when they know us and know our business and we are partnered with them and we minimize our losses. Forcing them to rebid every 3 years does not bode well for partnership.

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