2007 Aug
2007 Aug Vol. 27, No. 8
Focus on...Insurance
Board Resource Guide: Etiquette for Board Members
Serving on the board of directors for your building brings on a range of emotions: pride that you were selected to represent the best interests of your fellow shareholders; unease at the thought of the additional time commitment of meetings; and, perhaps most importantly, nervousness that you will do or say something that will ultimately be problematic for your board or for you personally. Read More
Board Resource Guide: Serving on the Board: What It's Really Like
As any co-op or condo board member knows, serving on the board carries with it a responsibility to fellow residents and shareholders to make decisions in the best interest of the building. They don't leave their role as board members at the door after a meeting, and this can present a problem if neighbors pick inappropriate times to discuss building matters. Read More
Board Resource Guide: Orienting New Board Members
Getting elected to a building's board can be a big job in and of itself—but the truth is that winning a seat is only the beginning. After making the decision to campaign for a seat, and then winning it, new board members can find themselves failing to understand exactly what they've gotten themselves into. Read More
Board Resource Guide: Training the Board
Board members come in all shapes and sizes—literally and figuratively. In some buildings, no one wants the hassle of working a thankless job for no compensation, and the same four people are guilted into the job every year by default. In other buildings, a board membership is a badge of honor, carrying great cachet, and residents vie for the privilege. Read More
Unusual Insurance Claims
The world of insurance, although not necessarily simple, is usually cut and dry, not the stuff of excitement. While condos and co-ops have insurance for the common areas like roofs, stairways, lobbies and often the apartments as well, the practice of individual unit owners buying homeowners' insurance is more and more common. Read More
Getting Dumped By Your Insurance Company
Simply put, insurance equals protection. Insurance will help protect your investment if your building is damaged or destroyed by fire or other causes. Public liability coverage will protect you if someone is hurt in the building and sues you. This insurance is vital to the financial stability of a building—without it, and one big loss can place a building in financial turmoil. Read More
Reducing Liability in a Co-op or Condo
Insurance can be a hassle to deal with when it comes to your property, but failing to pay attention to the details of your policy could cost you money now and in the future. Knowing the specifics of your building's insurance policy, and also being familiar with the property that the policy covers, can save you money now and for many years to come. Read More
Filing an Insurance Claim vs. Settling
Sometimes bad things happen to good buildings. It's just a fact of life. And sometimes, bad things happen to good buildings with an unforeseeable and unavoidable frequency. That is also a fact of life. Usually, when those bad things happen, the building's insurance carrier is there to step in and make things right. Read More
Co-ops and Condo as Movie Sets
They torched cars and set fires throughout the park and
around our building in 50 mile-per-hour winds. And, yes, the fire spread to
unprotected areas. Read More
The Important of Intelligent Insurance Underwriting
The property and casualty insurance market can provide a slippery slope for co-ops and condos in the New York metropolitan area. Insurance companies can be your best friend orworst enemy. Working with the right insurance broker is key to making sure you are getting the most comprehensive coverage at reasonable costs. Read More
Insurance and Your Contractor
Co-op buildings routinely require contractors to provide a Certificate of Insurance before any work is started either in a building or for individual shareholders. Read More
