Stephen in MB SC
New Member
- Jurisdiction
- South Carolina
We are a non-profit property owners' association. The association makes available to members a space in a fenced lot to store an RV, boat, etc. and currently charges the member only a nominal annual $5.00 fee for a registration sticker to capture the contact information and ensure only registered items are stored in the lot.
The association has liability and casualty insurance, but nothing calls out the storage lot in particular. Each member using the lot signs an informal waiver: "I acknowledge that in consideration for being allowed to use the <Association Name> Storage Lot at no charge to me, I agree that I assume all responsibility for loss or damage of any kind in connection with my use of the storage facility".
If the association starts to charge each owner a monthly fee (rental?) for the space, $50.00 to $100.00 (local market rate), does the association need to buy additional insurance, liability or casualty? Does charging a monthly fee change the relationship between the association and the member? Does "renting" the space in the lot affect the non-profit status of the association?
Thank you.
The association has liability and casualty insurance, but nothing calls out the storage lot in particular. Each member using the lot signs an informal waiver: "I acknowledge that in consideration for being allowed to use the <Association Name> Storage Lot at no charge to me, I agree that I assume all responsibility for loss or damage of any kind in connection with my use of the storage facility".
If the association starts to charge each owner a monthly fee (rental?) for the space, $50.00 to $100.00 (local market rate), does the association need to buy additional insurance, liability or casualty? Does charging a monthly fee change the relationship between the association and the member? Does "renting" the space in the lot affect the non-profit status of the association?
Thank you.