Joyce DabbsApril 20, 2022
FOR IMMEDIATE RELEASE
YOUR ATTENTION IS REQUIRED
From: GSP Board of Directors
To: Association Members
We have been using builders risk insurance to cover Building Four and the Nest while both buildings remain under construction. Building Four is nearly complete and its value has increased dramatically. We were recently informed that our carrier did not renew our builder’s risk insurance because the insured value is now too high, and we are too close to hurricane season. Despite all our efforts and the effort of insurance partners, we are unable to secure builder’s risk insurance. We have also attempted to purchase the same coverage we have on the other buildings, but without a certificate of occupancy we are unable to qualify, regardless of price.
Last night we purchased a policy without wind or hail and this morning we are attempting to add wind and hail for an unnamed storm. We met with our attorney and the owner of Claremont yesterday and created an action plan that involves appealing to the County for a temporary certificate of occupancy that may allow carriers to quote on Building Four and the Nest. We’re developing a short list of projects that must be completed for this to happen while we continue to search for other insurance options. The owner of Claremont has committed all his resources to completing Building Four and the Nest as soon as humanly possible to shorten our exposure and complete the project before the beginning of hurricane season.
If we are successful in acquiring a temporary certificate of occupancy, owners or their contractors will still not be permitted on property until the permanent certificate of occupancy is granted by the County.
We understand that owners with mortgages may be additionally impacted by this announcement and required by their mortgage holder to acquire wind coverage for their condo. We also understand this may complicate the sale of condos in Building Four. Please know that we are doing everything we can to place insurance and mitigate this risk. We’ll provide updates as soon as the environment changes. If you have questions about this, please feel free to reach out to Stephanie or Tami.
Wendy Blevins
Community Association Manager
251-222-3758
[email protected]