November 6, 2006

Dear Neighbors,

The FMB met on a rainy, blustery Saturday, October 28th, with 17 homeowners, including nine members of the FMB, in attendance. Most of the meeting was devoted to discussion of the budget items. (Olwen Saint accepted the responsibility of capturing the information for the minutes of the FMB meeting. This task can be very frustrating because discussions and motions invariably proceed at a rapid pace. Olwen substituted for Vera Fields who is recovering from complications following surgery. Vera is evidently doing well, albeit with a frustrating slow "pace" for the return of walking capability. Vera has engineered her form of "meals on wheels" with terrific friends and somehow manipulated Larry Bernhardt not not only to fix her TV remote control but also, more importantly, to substitute a simpler and well worn device.) Before this monthly meeting FMB members, other owners and Craig McGowan of Mercantile had devoted considerable time to the preparation of estimates for line items and the reserve accounts. This meeting on the 28th produced a draft budget. The next meeting of the FMB on December 2 will finalize the budget for 2007.

Happenings.

1. Our Treasurer, Frank Fiorentino, reported that we were over budget for chimney repair and the removal of storm debris and limbs. The overrun can be handled through use of the reserve accounts established specifically to handle these item over the long run.
2. Mercantile staff on site have been trimming the ivy and other invasive plants from the portion of our "plantation" that lies outside the jurisdiction of the Conservation Commission; owners are asked to inform Mercantile about areas for further attack.
3. Only a few hours of work remained to finish the chimney repairs.
4. As you probably know, Nstar is replacing the electric meters on all units.
5. The Bluff Committee has met with staff of the Conservation Commission and is working toward finishing the Notice of Intent. The Committee is asking the Commission to allow the use of power equipment in place of manual clipping in order to reduce costs.
6. There were no new developments on the legal matters. The next date for action is January 8-9 for the trial on the matter of beach rights.

Home Owner Insurance Reminder.

Early in each calendar year Mercantile reminds each homeowner to evaluate our insurance coverage and deductibles for the contents and improvements of our respective units. In anticipation of the next reminder from Mercantile, consider whether your coverage fits your needs. The last set of "Guidelines" from Mercantile contained the following "Resolutions". (By the way, I have been informed that Travelers, the carrier for the Sea Pines association's policy, grants a discount to customers who have multiple policies with Travelers.)

1. Contact your agent. Confirm that your insurance company will cover the Master policy deductible of $10,000 or $25,000 under your policy's Coverage A.
2. Increase Coverage A on unit owner's building coverage on dwelling fire policies (HO6) by a minimum of the Association's deductible (that is, $10,000, etc. plus any improvements or betterments coverage.) (I confess to not understanding how much the Association's policy will cover of the improvements to my dwelling, but I do not pretend to be intelligent enough to handle the nuances of the industry's language - so are returning to our agent for another tutorial.)
3. If the answer to item (1) above is "no", you are responsible for the shortfall. Then you should contact a Travelers' agent or another insurance company who will provide this coverage and then consider changing companies.
4. Should you decide to leave all as is, you would become a self-insurer and must cover the deductible. Loss assessment will provide the policy limit of $1,000 loss assessment coverage for deductibles.

I wish everyone a Happy Thanksgiving.

For the FMB,

Jim Dalton