june_2011_earthquake_minutes.pdf |
THE SPECIAL BOARD MEETING OF THE
555 ESPLANADE CONDOMINIUM OWNERS
ASSOCIATION
16 June 2011
CALL TO ORDER
The following are the Minutes of the Board of Directors of the
Casa Bahia Condominium Owners Association held on Thursday, June 16, 2011. This
was a special meeting to discuss the building earthquake insurance with the
members of the Homeowners Financial Committee (HFC). The meeting was held in the
535 Building Lobby, 535 Esplanade, Redondo Beach, California 90277. A quorum of
Board Members was established and Joe Engle called the meeting to order at 6:32
PM.
BOARD MEMBERS PRESENT
Joe Engle, President; Frank Parker, Vice President, Betty
Schneider, Treasurer; Dianne Merzel, Secretary; Joe Jetsyn Tache,
Member-at-Large.
MANAGEMENT COMPANY REPRESENTATIVE(S) PRESENT
none.
HOMEOWNERS PRESENT
John St. Rock, Mary Lee Coe, Janet Johnson, Dot Lee, Will Lee,
Douglas Duncan, Lynne Santini, Alex Burishkin, Ed Schneider, Ray
Cutten.
PURPOSE
Joe Engle explained that the purpose of the meeting was to
discuss the findings of the HFC’s Earthquake Insurance Study and to present the
results of the Board’s independent analysis of the earthquake insurance issue.
The focus of the discussion was whether or not we continue to have earthquake
insurance for the building.
HOMEOWNER FINANCIAL COMMITTEE – REPORT BY MEMBER OF
COMMITTEE
On behalf of the Financial Committee, Mr. John St. Rock,
Co-Chair, Mary Lee Coe and Janet Johnson presented their report to the group
with the recommendation that the building earthquake insurance not be renewed.
They also recommended that the question of whether to renew the earthquake
insurance be put to a vote of the homeowners.
BOARD ANALSIS OF THE BUILDING EARTHQUAKE
INSURANCE
Betty Schneider presented an analysis that took into account the
HFC's report and focused on a pros and cons of continuing the HOA’s earthquake
insurance. The conclusion of the analysis supported the continuation of
earthquake coverage for the HOA.
DISCUSSION AND AGREEMENT
A lengthy discussion took place after the presentation of both
reports with many pros and cons being highlighted.
In order to minimize confusion and clarify the major issues, it
was agreed that the two reports would be condensed into a final document that
would then be made available to the homeowners. Board members will draft the
final report and forwarded it to the HFC for review and
comment.
Discussions will also be held with the HFC to identify options
that could take the place of our current earthquake coverage, such as
self-insured or reduced coverage.
Joe Engle will determine if the current earthquake insurance
coverage can be extended beyond the current 20 July 2011 determination
date.
Submitted by Ed Schneider, 18 June 2011
PLEASE NOTE:
Any grievance or clarification on issues can be addressed by: (1) Airing the
issue at the next scheduled Public Board meeting, or (2) contacting Ellona Hess
at Scott Management Company (Phone: 310-370-2696 ext. 211; Email:
[email protected]; Mail: Scott Management Company, PO Box 3159, Torrance CA
90510-3159). Calls/correspondence
should reference 555 Esplanade/Casa Bahia.