Question:
Does a NJ HOA Board have to disclose bids for insurance vendors?
Our HOA fees are being raised significantly because of an insurance adjustment, but we have not been given access to the bids/options available; our concern is that the insurance broker is making more money on the insurance package our Board was sold because of a personal relationship with a board member
– Ellen
Answer:
Hi Ellen,
New Jersey law currently does not require HOA boards to disclose bids for insurance vendors. That being said, it is best to check your governing documents to see if any such provisions exist.
If a board member has a personal relationship with the insurance agent or provider, that could be a conflict of interest. The board member in question should recuse themselves from the vote and the selection process.
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
