Notices
The following document provides information to ensure your personal policy provides adequate coverage.
New Notice of Insurance Changes, December 2023
Park East Square HOA Insurance Agent
Any questions related to the HOA insurance policies should be addressed to our agent below rather than the Board. The firm specializes in HOA insurance and is extremely knowledgeable and helpful. Please do not hesitate to contact them.
Ella Washington Agency Inc.
Phone: 303-530-3444
Email: EllaWashingtonAgency@amfam.com
6525 Gunpark Dr., Ste 360
Boulder, CO 80301
2024 HOA Insurance Policies
2024 Association Liability (Crime-D&O) Policy
2024 Commercial General Liability (CGL) Policy
2024 Commercial Property Coverage Policy
2024 Excess Liability Coverage (Umbrella) Policy
2024 Workers Compensation & Employer Liability Policy
Adopted Resolutions
Property & General Liability Insurance
Maintenance and Insurance Chart Only
HOA Insurance History
Created March 19, 2007 by Dave Longenecker and Randy Doriese.
Disclaimer: Some of the early history (pre-1990) is collected hearsay. Any residents with pertinent information, please contact a Board member.
Mid 1970s. PESHA’s Declaration is recorded on December 31, 1974, creating the HOA. The HOA does not insure individual units.
1982. PESHA Board attempts to amend the Declaration to allow group insurance. As far as we can tell, the third and fourth amendments to the declaration failed to receive approval by 90% of owners.
1989. Fire burns the 4279 building; all four units are rendered uninhabitable. Three of the four owners happen to have the same insurance company; the fourth has no insurance. The company involved decides to rebuild the entire building.
1990. PESHA buys “all-in” group insurance (original insurance and improvements) from Farmers Insurance.
1994. Fire burns the 4227 building. Damage is concentrated in the A unit, with smoke damage in the other units. Farmers Insurance fixes all the units very quickly.
1999. Farmers Insurance drops the PESHA coverage. Taggart/Travelers are selected to provide a new “all-in” policy.
January 2006. Fire burns the 4145 building. Damage is concentrated in the A unit, with minor damage to the other units. Travelers disputes PESHA’s claim on multiple counts. Travelers claims that they did not sell PESHA an “all-in” policy, and further that no one in the industry sells “all-in” policies anymore. Travelers also disputes PESHA’s legal ability to insure the buildings “all-in”. Ultimately, PESHA and Travelers settle the claim (October 2006); the details of the settlement are to remain confidential.
Late 2006. After the Travelers settlement, the Board begins to shop for new policies.
January 2007. State Farm underwriter informs the PESHA Board that in his opinion, according to the Declaration, PESHA may not insure individual units, neither “all-in” or just the outsides of the buildings.
February, 2007. A letter is sent to all owners informing them that they should buy their own insurance while the Board figures out what PESHA is allowed to insure.
March 2007. PESHA receives an opinion from its attorneys that while it is not required to insure any individual units, it may choose to do so. American Family urges the Board to put together a wish list of what should be included in a group insurance policy. The Board is still deciding what type of group insurance to buy, if any. Owners should still assume, until informed otherwise, that PESHA carries no insurance on their units.
November 2007. PESHA discontinues the Travelers policy and takes out a policy with American Family. A letter is sent to all owners with an overview of the new policy.
December 2012. The Board votes to raise the deductible to $10,000. With this change, the annual premium will be $10,000 lower.
October 2017. PESHA’s insurance agent is now Ella Washington Agency. The following letters are made available for historical context ONLY and are no longer current.
Insurance Letter 2017
Insurance Letter 2019
August 10, 2021. The Board adopts a Resolution to the Declaration to clarify the coverage and deductible requirements for property insurance to control premium costs. Coverage changes to “shell” (aka “bare walls”) and includes a Maintenance and Insurance Chart.
Insurance Letter 2021
August 26, 2021. Fire burns the 4232 building. Damage is extensive and all four units are uninhabitable. Asbestos abatement and meeting code cause a lengthy rebuilding time.
August 15, 2022. The Board adopts an amended Maintenance and Insurance Chart.
November 2023. Industry trends are impacting the ability to obtain adequate coverage and causing significant premium increases. The Board approved layered property insurance policies to ensure replacement coverage for all buildings as required by the Declaration. Owners need to maintain their own individual property policies. They should review their coverage, along with the Maintenace and Insurance Chart, with their agents to ensure adequate coverage, including loss assessment and special assessment coverage.