HB1209 (2020) Detail

Requiring fidelity insurance coverage for condominium board members, managers, and employees.


HB 1209 - AS AMENDED BY THE HOUSE

 

11Mar2020... 0714h

2020 SESSION

20-2348

10/08

 

HOUSE BILL 1209

 

AN ACT requiring fidelity insurance coverage for condominium board members, managers, and employees.

 

SPONSORS: Rep. Chirichiello, Rock. 6; Sen. Birdsell, Dist 19

 

COMMITTEE: Commerce and Consumer Affairs

 

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ANALYSIS

 

This bill requires condominiums to have blanket fidelity insurance coverage against the dishonest acts of persons responsible for handling organizational funds.

 

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Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

11Mar2020... 0714h 20-2348

10/08

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Twenty

 

AN ACT requiring fidelity insurance coverage for condominium board members, managers, and employees.

 

Be it Enacted by the Senate and House of Representatives in General Court convened:

 

1  Condominium Act; Insurance Required.  Amend RSA 356-B:43, I(c) to read as follows:

(c)  For an organization of unit owners in condominiums of more than 10 units, blanket fidelity insurance coverage, which shall be secured and maintained at its own cost and expense, insuring against the dishonest acts of any person, trustee, manager, managing agent, or employee, or the organization of unit owners responsible for handling organizational funds, in an amount equal to at least 1/4 of the annual assessments, excluding special assessments.  Such fidelity insurance policy, according to its definition of employee, shall specifically include the manager or managing agent or provide for same by an endorsement to the fidelity policy.  Such fidelity insurance shall name the organization of unit owners as the insured and include a provision requiring 10 days' written notice to the organization or manager, in the event of cancellation or substantial modification.  The manager or managing agent shall be the designated agent on the fidelity insurance policy, and the fidelity insurance policy shall be the property and for the sole benefit of the organization of unit owners.  The manager or managing agent shall maintain, at its sole cost and expense, its own fidelity insurance with substantially the same form of coverage; and

(d)  Such other policies as may be required by the condominium instruments, including, without limitation, workers' compensation insurance, liability insurance on motor vehicles owned by the association, and specialized policies covering lands or improvements in which the unit owners' association has or shares ownership or other rights.

2  Effective Date.  This act shall take effect 60 days after its passage.

Links

HB1209 at GenCourtMobile
HB1209 Discussion

Action Dates

Date Body Type
Jan. 29, 2020 House Hearing
Feb. 18, 2020 House Exec Session
March 3, 2020 House Exec Session
House Floor Vote
March 11, 2020 House Floor Vote

Bill Text Revisions

HB1209 Revision: 8343 Date: March 12, 2020, 1:40 p.m.
HB1209 Revision: 6851 Date: Dec. 2, 2019, 11:39 a.m.

Docket

Date Status
Jan. 8, 2020 Introduced 01/08/2020 and referred to Commerce and Consumer Affairs HJ 1 P. 13
Jan. 29, 2020 Public Hearing: 01/29/2020 09:45 am LOB 302
Feb. 14, 2020 Subcommittee Work Session: 02/14/2020 09:30 am LOB 302
Feb. 18, 2020 ==RECESSED== Executive Session: 02/18/2020 01:00 pm LOB 302
March 3, 2020 ==CONTINUED== Executive Session: 03/03/2020 10:30 am LOB 302
Committee Report: Ought to Pass with Amendment # 2020-0714h (Vote 11-8; RC)
March 11, 2020 Committee Report: Ought to Pass with Amendment # 2020-0714h for 03/11/2020 (Vote 11-8; RC) HC 10 P. 35
March 11, 2020 Amendment # 2020-0714h: AA VV 03/11/2020
March 11, 2020 Ought to Pass with Amendment 2020-0714h: MA VV 03/11/2020