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Maine Alliance for Road Associations

If you are Non Profit AND Statutory; Do you have 2 insurance policies ?

  • 20 Jun 2024 7:59 AM
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    Message # 13372400
    Anonymous member

    I'm interested in opinions and comments even if you are not both types.  Thanks for taking the time to reply.
  • 22 Jun 2024 11:44 AM
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    Reply # 13373279 on 13372400
    Anonymous member (Administrator)

    I am not in this situation, but if I were I think I would ask the insurance agent if I could get one policy that covers all the activities of both.  Kind of like having a policy that bundles home owner's insurance with vehicle insurance.
  • 23 Jun 2024 9:42 PM
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    Reply # 13373631 on 13372400
    Anonymous member

    I came here to ask a related question which may help your situation as well (as I’m not sure the purpose of maintaining two entities).  That is, how can you convert a non profit corp to a statutory HOA?  The corp was formed with the state before the required statutory meeting will be held, and I assume therefore would still be considered an informal/voluntary HOA?
  • 24 Jun 2024 6:59 AM
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    Reply # 13373710 on 13372400
    Anonymous member

    As a non profit we could not place claims for non payment of dues.  The non profit manages our non road property such a boat launch and beach and there is a budget for that, and the Road Association has a budget for the road. 

    As you make me think it through, it occurs to me that one could skip paying the non profit dues without recourse.

    Others wiser than me may weigh in, but I don't think you convert. You dissolve the non profit (google has the steps) and start over using the steps to create a statutory association.  Or create the statutory then dissolve - not sure.

                            The Maine Alliance for Road Associations


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