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Changes to the Illinois Condominium Property Act for 2016 are far fewer than in 2015 and will not go into effect until June 1. However, a number of the current changes affect critical provisions regarding open meetings, notice of meetings and amendments to condominium instruments.
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This update mainly addresses changes that will go into effect in 2016, but includes a special note regarding the Illinois Common Interest Community Associations Act change from July 2015. It focuses on Ombudsperson Act compliance, and amending and restating to address conflicting language in the CICAA.
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Insurance Corner
Navigating the currents of timely notice in third-party liability policies: best practices
Sooner or later, every insurance policyholder faces a potential storm: An accident or mistake happens, a suit is threatened, now what? It is the age-old quandary for insurance policyholders, when to give notice of a potential claim. This is not a philosophical or esoteric inquiry; the stakes are high. Failure to give timely notice of a covered claim may defeat insurance coverage entirely. To read more, click here.
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