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Removing the HOA board won’t solve the insurance problem

Removing the HOA board won’t solve the insurance problem

Note: Gov. Steve Sisolak signed the Emergency Directive 033 adjusting the statewide standards on gatherings. The new directive adjusts the previous limitations on gatherings from 50 people to 250 people or 50 percent of the occupancy, whichever is less. This applies to both indoor and outdoor venues.

Q: In a homeowners association meeting late last year we were told that because of a high number of claims, they could no longer afford water damage insurance. Then a notice came out early January that as of Jan. 15 we have no water damage insurance on the property.

In June, we received ballots for our covenants, conditions and restrictions amendment to remove the $1,000 deductible on master insurance claims, and there is no new cap. We understand the $1,000 deductible is not practical today and have no issue with this. But it also has added language that says owners “benefiting from” repairs will be liable for deductibles on all master policies. Seems way too broad and arbitrary.

We’ve tried for months to push the board and have done research to find a solution but have been shut down. If the board continues to refuse to act in what we believe is our best interest, we feel we must remove them. I’ve been trying to get more information on the removal process if it comes to that.

Our HOA board discontinued all water damage insurance as of Jan. 15. We owners are at risk now for major liability in our common areas because our condo policies only cover wall insurance. (Although HOA did not warn us or recommend it, many of us have added max loss assessment to our condo policies to protect ourselves.) We have been unable to get the board to move on a solution and have been completely disregarded

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The Oil Market Has an Aviation Problem

The Oil Market Has an Aviation Problem

The downturn buffeting the global aviation industry has slashed demand for jet fuel, posing yet another obstacle to the oil market’s recovery.

Cars and trucks quickly returned to the road when officials lifted restrictions on movement this spring, sparking a revival in gasoline and diesel consumption. Planes have been slower to take back to the sky, hobbling sales of kerosene, or jet fuel.

Demand for passenger flights this year is likely to decline by more than half compared with 2019, the Organization of the Petroleum Exporting Countries said Thursday. Fuel consumption in the aviation sector won’t surpass pre-coronavirus levels until closer to 2025, the group said in its annual report on oil’s long-term future.

In the U.S., carriers began cutting tens of thousands of workers last week after months of intense lobbying for a second round of government funds to continue paying workers failed to deliver results.

President Trump this week called on Congress to approve assistance for U.S. airlines to avert the widespread layoffs. The beleaguered industry is at the center of negotiations between senior administration officials and House leaders over delivering a new batch of relief for the U.S. economy before the election. A second round of government funds may help pay workers, but is unlikely to get travelers back in the air.

The muted recovery in air travel has rippled through the energy market and exacerbated the pressure on crude-oil prices. West Texas Intermediate futures have slumped 33% in 2020, even after receiving a boost from production cuts due to Hurricane Delta in recent sessions.

The market for jet fuel is “pretty sick and will probably stay sick,” said Doug King, chief executive of U.K.-based hedge fund RCMA Capital LLP. This is one reason why the oil market has “a massive, long, drawn-out demand problem” and why

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