Condo Q&A

How can condo association use insurance proceeds?

Written by CondoAssociation.com | Sun, Mar 20, 2016 @ 11:57 AM
In New York State, a Condo Association, where the By-Laws state "In a casualty the building is responsible for the prompt repair, and prompt repair refers to within 60 days back to the original materials of a unit.  Can the Board of Managers or the Management Company use Sworn Proof of Loss insurance proceeds from a Casualty Claim to a owners condo that is a unlivable unit for any expense other than forwarding to proceeds to the owner for the owner to make the repair. Is there a time limit on how long the BOM or the MC can withhold the insurance proceeds, when the bylaws state "prompt repair is 60 days?"