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Jeremy Tucker Speaks About Community Association Risk Management Issues

Jeremy Tucker recently spoke about risk management for community associations at a Community Associations Institute Washington Metropolitan Chapter event for community association managers. Risk management is a process that combines methods for reducing or avoiding an undesirable event with resources for covering the adverse financial losses resulting from such an event. The process includes:

  • A self evaluation
  • Conducting in-unit maintenance programs
  • Developing a comprehensive risk management program
  • Being up-to-date on and complying with federal, state and local laws
  • Reviewing association documents
  • Reviewing lender requirements

Selecting and implementing a program requires a commitment to risk management as a business practice, the involvement of the board of directors and management, designation of an individual responsible for risk management and dedication of sufficient financial resources. The program must be reviewed regularly and communicated to owners and residents.

Jeremy Tucker is a community association attorney at Lerch, Early & Brewer in Bethesda, Maryland who represents community associations and condominiums in a wide range of matters, including general counsel and litigation. For more about risk management, contact Jeremy at (301) 657-0157 or jmtucker@lerchearly.com.

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