What benefit does VIVE bring to my association?

Every time a vendor does work for your association, the possibility exists that something might go wrong, and accidents can be very costly. If that vendor’s insurance isn’t sufficient to cover the liability, or contract terms are not fully in place, you might be forced to make a claim on your association’s insurance policy. If that happens, you are almost certain to face increased insurance premiums and deductible limits, which could mean assessment increases. In addition to ensuring that all vendors are adequately insured, VIVE verifies that vendors have required trade licenses, and enforces a vendor agreement that holds the association harmless in the event of a liability, establishes a code of ethics and binds the terms of insurance. The goal with all of these efforts is to mitigate the possibility of a vendor‐related loss that would negatively impact the association’s loss run.

Why isn’t this just done by my management company?

Management companies are put in place to assist the Board of Directors in governing the business of your association, and you know what a great job Cadden Community Management does in that regard. But risk management is a specialized field, and properly enforcing a Vendor Compliance Program requires specialists who are capable of ensuring that your interests are protected. The role of a management company is to put the best people in place to ensure your community runs smoothly and protects your investment, and utilizing VIVE is just one way they are doing that.

Why do vendors need to pay for this?

The service provided by VIVE is one not contemplated by your management contract, so the cost for this service isn’t included in what you already pay your management company. As a result, the small annual cost for VIVE’s services is passed onto Vendors. In return, your vendors will get increased exposure within your management company, leading to more business opportunities at no additional cost to them. Later in this FAQ, we detail additional benefits vendors will realize once they are VIVE Verified. Our goal is to have every vendor who works with VIVE to realize additional opportunities and income as a result of their membership.