As the end of the school year approaches, students’ minds are on final exams, pick-up basketball games and spending time in the sun—not property management. However, the summer months can be a time that chapter houses are at risk for serious claims. Properly preparing the house for the summer break period can minimize the risk of losses.
Corporations can find multiple resources on the Theta Chi website that you can use to prepare your house for the upcoming break, whether or not the house will be occupied. By following the steps outlined in several of the checklists you may avoid the expense associated with a claim and restoring the damaged area and continue to provide a safe and healthy environment for your collegiate members.
Good luck as you prepare your chapter house for the upcoming break. If chapter officers are responsible for some of these activities, make sure that they provide appropriate follow up with the House Corporation or Property Management team. Please feel free to share it with any interested staff or volunteers.
By Richard Jungman – Vice President – Client Services & Operations, HRH/Kirklin & Co., LLC
Lessons learned after a loss happens are stressful and can create financial havoc for your chapter. A lesson many have learned after a loss has occurred is the stress of documenting a business personal property claim and the financial impact of being underinsured. The commitment of a little time and attention to detail in the development of a Business Personal Property Inventory can help avoid this from happening to you and your chapter.
An inventory of the House Corporation’s Business Personal Property assists in two primary ways:
1. It is a tool to properly assess the House Corporation’s needs regarding insurance for its Business Personal Property. After you have completed an inventory, compare it to the current limit purchased under the House Corporation’s Commercial Property Insurance Policy. Read more…
Protecting your fine arts includes making sure that they are adequately covered by insurance. Fine Arts include paintings, sculptures, folk art, multimedia art, antiques, oriental rugs, and small collectibles such as figurines etc. Because the value of fine arts is based both on authenticity and condition, good documentation is essential. A problem common to fine arts is valuation.
In most insurance policies a separate policy or a separate limit for fine arts must be declared in order to provide more than minimal coverage under a commercial property policy.
The Fraternal Property Management Association Replacement Cost policy, under Business Personal Property, includes personal property in the facility owned or leased by the House Corporation or Chapter. This includes fine arts and composites on display or stored in the facility. It does not include personal property owned by your tenants. This coverage is written on an Agreed Amount basis, unless we receive a Replacement Cost Inventory from you.
If we receive an itemized inventory of your business personal property listing each item and a reasonable estimate of replacement cost, and you are notified it is approved, RSUI Indemnity Company will provide Guaranteed Replacement Cost on these items. Contact your Client Manager at Willis to discuss your specific needs.
Read more…
This convenient Air Conditioning Checklist has been designed by Hartford Steam Boiler to help maximize reliability, economy, and fuel conservation in the operation of this kind of equipment.
A great many failures of air conditioning systems take place at start-up or early in the cooling season because of inoperative controls or safety devices. Most of these accidents could have been prevented if a little more attention had been paid to readying the equipment for service. We therefore recommend that the following measures be taken to ensure a trouble-free cooling season and reduce the likelihood of equipment malfunction.
The tips offered here are intended to complement and not replace the recommendation of the equipment manufacturer.
COMPRESSORS
- Energize the crankcase heaters for at least eight hours before start-up and before taking insulation resistance readings of hermetic motor windings. Crankcase heaters should be left energized for the rest of the season so that whenever the compressor is idle, the heater will prevent refrigerant “migration” to the crankcase.
- Test the lubricating oil for color and acidity, and check crankcase oil level. Read more…
Provided by Willis North America
Protect your facility over Thanksgiving and Winter Break
What is the damage?
- Freeze, water damage and vandalism claims are the most frequent occuring claims from November through January.
Why did this happen?
- Chapter members turned off the heat thinking they would save some money.
- The pilot light on the furnance blew out.
- No one was in charge of checking on the house over the holiday breaks.
- The chapter house was not securely locked making it an attractive target to vandals and thieves.
Read more…
One of the biggest problems facing house corporations annually is filling the chapter house. Ideally, the chapter is recruiting multiple members each year and every one is eager to live in the chapter house. But unfortunately, that’s not always the case. The following are some thoughts on how to fill the chapter house:
- The chapter’s bylaws should exist that require all members to live in the chapter facility for at least 1 year. (Depending on the size of the facility and the chapter facility, this minimum requirement might need to be higher)
- The chapter should require all of the officers to live in the house. If an officer is unable to fulfill his duties, then he needs to eithe find a replacement or step down from his position.
- Housing leases should be handed out to all members (that have either not met the above minimum requirement, or who wish to continue living in the facility) by no later than November 1st for the next academic year. This may need to be done sooner, depending on when off-campus apartments and the residence halls start signing leases for the upcoming year.
- Read more…
It is that time of year when undergraduates finalizing signing leases with house corporations or with local housing groups for residency next academic year. While house corporations are focused on filling the fraternity house, doesn’t the house corporation also have a responsibility to educate our younger brothers on what they should be looking for when signing leases?
Read more…
December is a month filled with an assortment of activities. Many of the month’s hours are devoted to studying for exams and making travel plans for holiday festivities. In this hectic atmosphere it is essential that chapters make preparations to secure the chapter house as members vacate the house for the holidays.
The leading risks to a fraternity house during the holiday breaks are water freeze, fire, vandalism and theft. The following checklist has been compiled to ensure that the house is protected during the winter break.
General Winter Maintenance
Multiple items should be evaluated and inspected prior to closing down the house to prepare for the winter month:
- Complete routine maintenance on furnace/boiler.
- Lock and inspect all windows and repair all broken glass.
- Clean gutters and downspouts to ensure proper roof drainage (improper roof drainage can cause ice damning to occur, which can cause interior water damage).
- Attach and secure downspouts with extension from foundation to prevent water damage, ensuring that they fully displace water away from foundation and other walking areas without draining onto the driveway, sidewalks, or patios.
- Inspect the hot water heater and exposed water lines and drain pipes for slow leaks.
- Drain water lines in lawn sprinkler system where appropriate.
- Clean exterior of chapter house, removing any yard debris or materials that could be used to start a fire, as well as any items stored next to the chapter house. Debris can provide an opportunity for an arsonist.
- Check security and safety lighting for the property.
- Service and clean fireplace and chimney and check for defects or debris.
- A plan to address ice and snow on sidewalks and parking lot needs to be agreed upon by the house corporation and chapter. If all parties are in agreement to contract this service out, this should be completed prior to the first snow.
- Make sure the house has the appropriate tools to remove snow and ice (shovels, ice melt, etc.).
Read more…
A quick reminder for all chapters, house corporations, alumni associations and alumni chapters about filing your Form 990.
After the Pension Protection Act in 2006 was passed, virtually every chapter, house corporation, alumni association and alumni chapter is required to file a version of Form 990 with the Internal Revenue Service (IRS) every year, regardless of the income they generate each year.
These reports are due every year by the 15th day of the fifth month after the close of your tax year.
For example, if your tax year ended on December 31, the 990 is due May 15. For most chapters that operate on a fiscal year that ends on June 30, the report is due November 15.
Form 990 can be found at http://www.irs.gov.
The following are three of the 990 forms:
Read more…
Severe Winter Weather Property Risk Control
WEATHER HAZARDS & PRECAUTIONS
Winter weather not only brings freezing temperatures with it, but all the frozen goodies that cause havoc for properties and businesses, such as wind, hail, ice, freezing rain and of course snow! Severe winter weather threatens most of the country at some point, and can result in property damage and business interruption.
What to do? Plan! Businesses can take steps to ensure that severe winter weather does not result in an incident that damages property and leads to a lengthy Business Interruption loss.
This bulletin discusses basic risk control measures to reduce the risk potential for facilities exposed to severe winter weather.
Read more…
As the end of the school year approaches, students’ minds are on final exams, pick-up basketball games and spending time in the sun—not property management. However, the summer months can be a time that chapter houses are at risk for serious claims. Properly preparing the house for the summer break period can minimize the risk of losses.
