Wiring Project Update

The preliminary examination of the units has been completed. Not to our surprise, a vast majority of the units contain at least 60% aluminum wiring.

As discussed at the Annual Meeting, we have been denied Insurance coverage at normal premium rates due to the perceived risk posed by the aluminum wiring. The only coverage available if the aluminum wiring remains is at a premium that was and will continue to be significantly greater than the previous year. Through the hard efforts of one of our unit owners, we were able to obtain a second quote from another agent, but this would require dealing with four separate companies who share the insurance in the event of a claim. After a careful and thorough comparison of the two quotes, it was determined that it is in our best interest to continue for the present with a single insurance carrier. In addition, we had several discussions with Chubb, our present insurance company, and if we are able to show good faith that we are actively converting all the units to all copper wiring, Chubb would re-consider The Landings application for insurance at the prevailing rate.

As a result, the Board has used building 2 (3009-3016) as a test building. After replacing the wiring in these units, the electrician has set base a price of $7,500 for those units which require a 100% rewiring and a pro-rating for those units requiring less than 100% rewiring. This price includes replacing all the aluminum wiring, repairing any affected walls and general clean up.

Our insurance policy with Chubb expires on April 24 and to be considered for renewal, we need to have at least half of the units converted to copper wiring. Needless to say we are hard at work to complete this replacement work on time. If you wish to use your own electrician to do this work you may do so provided that the following requirements are met:

1. you must provide the Board of Managers with the name of the electrician, the electrician’s license number and a certificate of insurance naming the Condominium as an additional insured, no later than March 7, 2014;

2. the work must be completed no later than April 18, 2014;

3. you must arrange to have the work inspected by the Condominium’s

electrician no later than May April 28, 2014.

If any of these conditions are not met in a timely manner, the Board will arrange to have its electrician perform the replacement work.

You will be notified in advance when the electrician plans to work in your building. At that time, please confirm with Rashad that we have a current key for your unit. If you fail to provide a key and have not made prior arrangements to have your electrician perform the conversion, the Board will have no alternative but to have a locksmith provide the needed entry so that this critical replacement work can be completed. You will be assessed any costs incurred to obtain entry to your unit.

If you choose to have your own electrician perform the work, prior to commencement of any work, we will have our electrician confirm the percentage of aluminum wiring contained in your unit. You will receive a credit against your common charges as follows:

•$ 7,500 if there is 100% aluminum wiring to be replaced; or
•a pro rating based on the percentage of partial aluminum wiring present as determined by our electrician.

We were first made aware of this issue as a result of Super Storm Sandy. For those unit owners who have had their aluminum wiring converted to copper wiring subsequent to Super Storm Sandy, a credit of the lesser of either the cost for the conversion or $ 7,500 will posted toward your common charges provided dated receipts are furnished.

Thank you for your cooperation.

The Board of Managers