Quote Quoting rp_mcmurphy
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Thanks for the reply and information.

I wasn't thinking of damages to me; I was thinking of damages to the co-op as a result of their management company having undercharged. I understand what you're saying in your last paragraph, but having to pay that amount as one lump sum would be a burden, whereas if I'd been charged the correct amount each month, it wouldn't have been. If I hadn't noticed this and told them to correct the amount they were billing me each month, this could have gone on indefinitely and become an (even more) incredible amount of money.
No, all the COOP and CONDO had to do is to issue a correct billing to any and all units that are underbilled. No monies were actually lost.

Usually, COOPS and CONDO's have credit lines to draw on in the event of cash flow problems. The most you can do is to say that the interest expense in utitlizing the line is higher now due to the underbillings, and you would have to compute the amount of the damages alleged and prove it, i.e the higher interest paid as a result.

Having been a condo owner, the COOP or CONDO board can impose special assessments to catch up, and if the sums are large, some owners may not be able to come up with it call at once, which is why a credit line is a good thing to have.

In E&O cases, you have to compute and prove the amount of the damage. If no added interest is incurred, all you can say is it's going to be tough going trying to catch up with added billings, but you can't pin down a dollar amount for damages. Inconvenient?? Yes. Damaged?? No.