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Florida Statute 718.111 requires the board, as fiduciaries, to obtain competitive insurance proposals before placing or renewing coverage. A board that simply auto-renews without going to market is not in compliance — and the managing agent who doesn't flag this is exposed to questions after a loss.

An independent marketing report from a licensed broker satisfies the statute, even when the result is to stay with the current agent. The report documents that the board tested the market and made an informed decision.

Bottom line: introducing an independent broker to your boards before renewal is a professional best practice that protects both the board and the LCAM.

Carriers now ask for the Structural Integrity Reserve Study (SIRS) and milestone inspection certificate before quoting any building of three or more stories. An association without current documentation faces narrower carrier appetite and higher premiums — even on an otherwise clean risk.

LCAMs who maintain an organized document file — SIRS, milestone certificate, wind mitigation form, five-year loss runs, SOV — and provide them to the broker early in the renewal process consistently see better outcomes than those who scramble at 30 days out.

Bottom line: proactive document management by the LCAM directly affects the board's insurance cost. It's one of the highest-leverage things a property manager can do.

A proper renewal requires 90–120 days minimum. At 120 days out, the association should have loss runs, a current SOV, and engineering documents ready. At 90 days, submissions go to market. At 60 days, carrier responses are analyzed. At 45 days, the preferred quote is selected and a BOR is signed if changing brokers. At 30 days, binding instructions are issued.

LCAMs who start the renewal conversation at 30–45 days out are inadvertently locking their boards into the incumbent — not because the incumbent is right, but because there's no time to market properly.

Bottom line: put a 120-day pre-renewal prompt in your calendar for every association. It's the most reliable way to ensure your boards have real options.

South Florida construction costs have risen significantly since 2020. Any association insured at values set five or more years ago is likely under-insured relative to current replacement cost. If a loss occurs when ITV is below the policy threshold (typically 80–90%), the carrier applies a coinsurance penalty — every claim payment is reduced proportionally.

This is a significant exposure that most boards don't know about until after a loss. An ITV audit using a current replacement cost valuation is the only way to confirm the building is properly insured.

Bottom line: flagging an ITV review to your boards — especially those with older appraisals — is a genuine service that protects both the owners and the board's fiduciary standing.

Directors & Officers (D&O) insurance protects individual board members from personal liability claims arising from board decisions. Common claims: unit owners alleging discrimination in approvals, vendors disputing contract decisions, breach of fiduciary duty after an insurance placement the board can't justify.

LCAMs who encourage annual D&O limit reviews — and ensure their boards understand what the policy covers — are protecting the volunteer directors who ultimately direct the LCAM's work.

Bottom line: D&O is one of the most overlooked lines on the program. A 10-minute review of limits and exclusions annually is worth the conversation.