Gulfshore Property Mgmt

Tag: homeower

  • Condominium-Homeowner’s Association Worker’s Compensation Price Increase:

    Condominium-Homeowner’s Association Worker’s Compensation Price Increase:

    Florida Workers Compensation Rate Increase:

    In 2003 when the Florida legislation mended FL. Statute 440.34 to limit  attorney fees for benefits secured to a strict contingency fee schedule. Another way to mandate how much costs can be spent on attorney fee’s regarding Workers Comp.
    ClintonOn April 28. 2016, the Florida Supreme Court issued an opinion in the case of Castellanos vs. Next Door Company. The outcome of the decision was declared unconstitutional to place a cap on attorney fee’s.

    Long story short, we return to unlimited hourly attorney fee’s.

    Although some articles state Castellanos decision is not part of proposed Worker Compensation rate increase, an expected 16% increase will be effective August 1, 2016

    Workers Compensation for most Condominium and Homeowner’s Associations are around $800. to $900 per year. Small peanuts compared to price hike of our Florida wind and flood insurance after hurricane Wilma, 2005.

    Click here to: See how you can do something about High Wind/Flood costs.

     

  • Year End Financial’s; Explained in Laymen’s Terms:

    Year End Financial’s; Explained in Laymen’s Terms:

    Year End Financial’s; Explained in Laymen’s Terms:

    While Cash Receipts and Expenditures can be prepared by a book keeping, a compilation can only be performed by a licensed CPA based on Florida statutes; – according to the Florida Department of Business and Professional Regulation (DBPR). The levels of service that CPA’s provide for financial statements are generally compilations, reviews, and audits.

    A compilation broadly provides no assurance by the CPA, other than stating that the CPA has compiled your information in the form of a financial statement(s) and has not performed an audit or review.

    A review basically provides negative assurance, stating that the CPA has performed inquiry and analytical procedures, and based upon such, the CPA is not aware of any significant modifications that are needed in order for the financial statements to be presented in accordance with generally accepted accounting principles, or an alternative appropriate other comprehensive basis of accounting, such as cash basis.

    An audit is positive assurance, whereby the CPA gives his/her professional opinion that the financial statements are fairly presented (materially correct to the reasonable man relying on the financial statements) in accordance with generally accepted accounting principles or an appropriate other comprehensive basis of accounting. The opinion goes into additional details as about what an audit consists of and doesn’t consist of.

    A general charge $300-$500 for compiled financial statements for condo/homeowner associations with no disclosures/footnotes.

  • Effective January 1, 2013; insurance companies have to?

    Effective January 1, 2013; insurance companies have to?

    (8) Upon expiration of the policy term, an insurer may transfer commercial lines policy to another authorized insurer that is a member of the same group or owned by the same holding company as the transferring insurer.ch The transfer constitutes a renewal of the policy and may not be treated as a cancellation or a nonrenewal of the policy. The insurer must provide notice of its intent to transfer the policy at least 45 days before the effective date of the transfer along with the financial rating of the authorized insurer to which the policy is being transferred. Such notice may be provided in the notice of renewal premium. This subsection does not apply to a policy providing residential property insurance coverage, except for farmowners insurance and commercial general liability policies providing farm coverage or commercial property policies providing farm coverage.

    Above new legislation effective January 1, 2013: Basically, now insurance company’s who are planning on non-renewal, now have to give 45 day notice and have a renewal transfer in-line with same holding company or other such company disclosing their financial rating.

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