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Stab-Lok electric panels and master insurance

Started by JdW • 5 replies • 394 views

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JdW (Texas)
Posts: 40
Posted:
Our HOA has had a terrible time getting insurance quotes due to these panels. We're getting turned down by more than a dozen insurers, based on this alone. This was not the case just a couple of years ago.

Does anyone else have experience in this area? The panels were widely installed in the 1960s-1980s.
AugustinD
Posts: 1,027
Posted:
Do each of your condo's units have the Stab-Lok panel?

Who has the maintenance responsibility for the electric panel in each unit?

Since insurance is likely required (one way or another), is there a lawful way to force all owners to replace the electric panel (at a cost of around $2000 or more for each panel)?

The association has to have insurance. If it's simply not available, I think there's a strong argument for ordering unit owners to replace their panels. Or the COA could amend its governing documents to include maintenance of the panels, and then special assess to replace all panels.

Times are hard in the insurance industry.
TimB4 (Tennessee)
Posts: 21,059
Posted:
A quick internet search shows why (per consumer product safety commission).

Suggest you see what the cost is to replace.

JdW (Texas)
Posts: 40
Posted:
Our board is discussing it with the management company and attorney but our initial input is that when need to do a whole property upgrade, the HOA should do it, not mandate the task to individual owners. The insurance companies will want proof the entire property is upgraded at once.

AugustinD
Posts: 1,027
Posted:
Quote:
Posted By JdW on 10/04/2022 1:13 PM
Our board is discussing it with the management company and attorney but our initial input is that when need to do a whole property upgrade, the HOA should do it, not mandate the task to individual owners. The insurance companies will want proof the entire property is upgraded at once.
Time to start thinking about whether amending the Declaration is needed to make this happen?
TimB4 (Tennessee)
Posts: 21,059
Posted:
Quote:
Posted By JdW on 10/04/2022 1:13 PM

our initial input is that when need to do a whole property upgrade, the HOA should do it, not mandate the task to individual owners.

Then I would suggest a special assessment based on the cost of a panel for each unit and labor to install it and the cost of permits.

Actually, having a company bid on the whole job should get you a better rate per panel.

Note - negotiate. Payments should be done in progressive steps.
You may want to include penalties if deadlines are missed.

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