Sample report — illustrative only. Fictional Hawaii property used for demonstration.

Sample report — Hawaii

Diamond Head Towers at Honolulu, HI

224-unit oceanfront high-rise, built 1981

Overall riskElevated

Hurricane coverage is placed through surplus-lines markets at a 5% deductible after admitted-market non-renewal, the Honolulu fire-and-life-safety evaluation is incomplete with 2038 as the current deadline, and the building is leasehold with 47 years remaining on the ground lease. Reserves meet the HRS 514B-148 50% threshold but funding is tight.

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Key findings

Hawaii-specific findings

Elevated

Master Policy Schedule + Renewal Notice 2025-09

Hurricane coverage in surplus-lines at 5% deductible

What we found: Admitted carrier declined to renew hurricane coverage in 2024. Association placed hurricane through a surplus-lines market at a 5% deductible against $86M of insured value — approximately $4.3M exposure before insurance pays. Property and liability coverage remain admitted-market per HRS 514B-143.
Why it matters: Post-Maui (2023) Hawaii's insurance market has hardened materially. Surplus-lines hurricane placements are now common; deductibles routinely exceed Fannie Mae thresholds. The pass-through to owners via loss-assessment is the dominant near-term risk.
What to ask: Is the building still Fannie Mae project-eligible? What's the recommended loss-assessment limit on the HO-6?

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Elevated

Honolulu Ordinance 18-14 + Board Minutes 2025-08-13

Honolulu fire-and-life-safety evaluation incomplete

What we found: Building is 4 stories or above without full sprinklers — subject to Honolulu Ordinance 18-14. Phase I evaluation (alarm and emergency systems) was completed 2023. Phase II structural and wall-material evaluation has not been scoped. Current sprinkler-installation deadline is 2038, repeatedly extended from 2026.
Why it matters: Older Honolulu high-rises (pre-1975 in particular) face material compliance work as the 2038 deadline approaches. The cost band for full sprinkler retrofit on a 224-unit high-rise can exceed $4M. Reserves and dues planning need to anticipate it.
What to ask: What's the board's compliance pathway — sprinklers, comprehensive evaluation, or both? Are reserves being built specifically toward this scope?

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Elevated

Master Lease + Conveyance Documents

Leasehold structure with 47 years remaining

What we found: Building is on leasehold land with the underlying parcel owned by a trust. Current ground lease has 47 years remaining (expires 2073). Ground rent re-set scheduled 2030 based on appraised land value. No conversion to fee-simple has been negotiated.
Why it matters: As the lease shortens, lender financing comfort declines and lease-end exposure becomes material. 47 years is still inside the lender comfort zone for most conforming loans, but the 2030 re-set is a concrete near-term financial event with no current data point.
What to ask: What's the 2030 re-set methodology? Has the board explored fee-simple conversion negotiations? Is the lender comfortable with the remaining term?

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Moderate

2024 Reserve Study + Operating Budget, line 17

Reserves meet 50% threshold under HRS 514B-148

What we found: Reserve study updated 2024 by an independent professional as HRS 514B-148 requires every 3 years. Reserves are funded at 52% of estimated replacement costs — just over the statutory minimum. Recommended contribution is $1.18M/year; budget allocates $1.24M/year.
Why it matters: Hawaii's statutory reserve framework is one of the strongest in the country. Meeting the 50% threshold is statutory compliance but a thin buffer for the combination of insurance, fire-safety, and lease-related capital exposure ahead.
What to ask: Does the reserve plan anticipate the fire-and-life-safety compliance work? Are special assessments being modeled into the 5-year capital projection?

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