Keough & Moody, P.C.


Chicago                                                                                                                          Naperville

312-899-9989                                                                                                                630-369-2700                                                                                               

Volume 4 Number 6 June, 2015 
In This Issue
Quick Links
This month our feature article discusses insurance.  We had so many great questions and discussions at our June seminar series on Insurance that we wanted to highlight some of the main points in this month's newsletter.  This month's installment of "What's the Difference" looks at owner and association responsibility for building components by helping you better understand the difference between what qualifies as an insurance claim versus maintenance, repair and replacement. 

Cook County's 2015 Assessment Season is underway. Please be sure to check out the information below related to tax appeals.  You can also learn more about tax appeals at our seminar on July 14th in Chicago.

Our July seminar series in Naperville will focus on your association-related questions.  We will have a panel of attorneys available to answer general questions about the responsibility and challenges faced by association managers and board members. Please ch eck out our event schedule below for information on upcoming events and educational opportunities. 

It is our pleasure to provide you with this newsletter and the information therein.  We welcome your suggestions for articles or other content which may benefit you.  Please feel free to respond to this message and we will gladly consider all comments. 


Lindsey Daehnke
  Marketing Coordinator
   Keough & Moody,P.C.

Insurance Requirements for Condos
By Kelly M. Doherty

As you may be aware, the Illinois Condominium Property Act, was recently updated to modify the insurance requirements for condominium associations. Association policies purchased or renewed after June 1, 2015 must comply with the updated requirements.  Below is a summary of the updated requirements.  

Required Insurance for Condominium Associations:

1) Property Insurance including coverage for the full replacement cost of the building. The policy is required to include coverage for the increased cost of construction due to building code requirements of at least 10% of the building value up to $500,000.00, whichever is less. This policy does not need to cover improvements and betterments to the units installed by unit owners or any other additions, alterations, or upgrades installed by a unit owner.

2) General Liability Insurance in a minium amount of $1,000,000.00.

3) Fidelity Bond (Employee Dishonesty Insurance) for the maximum amount of coverage available to protect the full amount of the association's funds and reserve fund. This is mandatory for an association with 6 or more units.

4) Directors and Officers Liability Insurance This coverage must read more


Our June seminar series discussed insurance in great detail.  
Click here to request copies of the handouts.  Thank you to Cindy Fitts of CISA Insurance for presenting with us at our June seminars.

Upcoming Opportunities 
to meet attorneys and staff from

Keough & Moody P.C. include:


Keough & Moody events:
KM seminars are free to attend.  
Click on the link to see more 
information or to register. 


Legal Q&A for Managers and Board Members



Because so many areas of association management and living are impacted by the law and interpretation of the association's governing documents, we are offering an opportunity for you to bring your questions and determine the topics that are discussed.  Don't have a question in mind?  Come learn from other people's questions.   A panel of attorneys will be answering questions in order to better your understanding of legal topics that impact you in your role with the association. Topics may include:


        Leasing Restrictions

        Updating the Association's Documents

        Enforcement of Rules

        Fiduciary Duty

       Collection of Assessments

Foreclosure & Bankruptcy


What will your question be?


Thursday July 9, 2015 from 6:00 - 8:00pm


Friday July 10, 2015 from 9:30 - 11:30am


Choose the day and time that is best for you.  

Click on the date to register.



The Standard Club

Please join us for networking and education focused on effective use of your association's money.  Keough & Moody, P.C. will discuss trends related to the collection of assessments, including the impact of foreclosures, bankruptcy and case law.  Elliott & Associates Attorneys, P.C. will provide guidance and tips regarding the property tax appeal process.  Click here for additional details.

What's the Difference?

Insurance Claim v. Maintenance, Repair & Replacement Responsibility 

 A common question that attorney's hear from client associations: Who is going to pay for this? The answer is often determined by identifying whether the issue at hand is an insurance claim or a maintenance, repair and replacement issue.  A wise attorney once said: Just because you maintain it, does not mean that you insure it and just because you insure it does not mean that you maintain it.  Let's look at some specific examples and then determine how to differentiate an insurance claim and a maintenance issue.

Garage door of a Townhome unit: Let's assume that the garage door is a limited common element. If a tornado hits the community and the garage door needs to be replaced as a result of the damage, it is likely that the replacement will be taken care of under the association or owner's insurance policy. If the garage door needs to be replaced because it is 17 years old and no longer works properly, this is a maintenance, repair and replacement issue.

Water is entering three units within a condo building because a common area pipe burst: We will assume that in this case there is extensive damage

read more  


Click here to review additional reminders regarding insurance claims.

Did you know?  There are "quick links" in the top section of this email which allow you to download electronic versions of Illinois statutes.

Is Your Association Ready for a Tax Appeal?

Cook County 2015 Assessment Season


The 2015 Cook County assessment season has begun.  This year all property located in the City of Chicago will be re-assessed.  There are eight townships in the City of Chicago (Rogers Park, Lake View, Hyde Park, Lake, West, Jefferson, North Chicago, and South Chicago).  Property owners in each of these townships will receive a re-assessment notice in the mail setting forth the proposed 2015 assessment.  Taxpayers will have thirty days to file an appeal with the Assessor's office to seek a reduction in the proposed assessment.


Property owners in each of the other 30 townships in Cook County will also have an opportunity to contest their 2015 assessments during the 30-day filing period for their township regardless whether their assessment has increased or not.


The Assessor's tentative mailing schedule for each of the 38 townships in Cook County can be found on the Assessor's web site via the link below.  


Township Mailing Schedule


If your association would like to consider appealing or contesting your 2015 assessment, click here to request a proposal. 

Keough & Moody will be closed for the Fourth of July holiday on Friday, July 3, 2015.   

Regular office hours will resume on Monday, July 6th.


Have a safe and happy Fourth of July!


  Keough & Moody, P.C. ("Keough & Moody" or "we" or "us") provides its newsletter for informational purposes only. The information contained in this newsletter is not legal advice.  Your communication with us through this Newsletter, or by other means, does not create an attorney-client relationship between us. Please do not disclose any confidential information to us in response to this newsletter, or otherwise, because we will have no obligation to keep that information confidential unless and until a formal attorney-client relationship is established with you.  ATTORNEY ADVERTISING MATERIAL.