First Ascent Insurance for FY 2023-2024 Survey
The First Ascent Board is continuing to work with brokers to find better insurance policies and premiums for FY 2023-2024, but better options may not be available. Below are three hypothetical situations that approximate the insurance choices the First Ascent Board will likely face in the coming months. A Table is available for additional details on the situations and choices. Please help us by responding to the questions below:
1.) Are you in favor of a very high dues increase (in excess of 50%) for fiscal year 2023-24 to obtain "Bare Walls Insurance at Full Insurance Valuation" coverage?
2.) Are you in favor of high dues increase (in excess of 30%) for fiscal year 2023-24 to keep the "Current Insurance" which is much less than full insurance valuation? This means owners are self-insuring for the difference. Contact your insurance expert to fully understand.
3.) Are you in favor of no dues increase but having a "Significantly Reduced Insurance Coverage limit?” This means owners are self-insuring for the difference. Contact your insurance expert to fully understand.
NOTE: THE DUES INCREASES LISTED ABOVE ARE ONLY TAKING THE IMPACT OF INSURANCE INTO CONSIDERATION. THERE ARE OVER 35 OTHER OPERATING EXPENSES AND RESERVE FUNDING THAT ARE ALSO PART OF THE DUES ASSESSMENT. FISCAL YEAR 2022-2023 ASSESSMENT INCREASE WAS 20%. IF INSURANCE HAD BEEN EXCLUDED THE INCREASE WOULD HAVE BEEN APPROXIMATELY 12%.