2009 August
2009 August Vol. 29, No. 8
Focus on...Insurance & Board Training
Examining the Effects, Planning Ahead
The economic crisis has affected many individuals, businesses and markets—the real estate and job markets, to name just two particularly nasty examples.
Until now, one of the few industries that didn’t seem as deeply impacted was the insurance industry, but that is soon to
change, according to certain experts in the field, who say that indicators show
that insurance premiums are most likely set to rise over the next year.
Read More
A Look at Contractor Liability
Part of the process of bidding and hiring a contractor to work in your building
is verifying their insurance coverage. Uninsured or inadequately insured
contractors pose a serious threat to a co-op or condo community’s finances and can cause huge legal headaches. To avoid exposing a co-op or
condo to serious liability and expense, it’s up to boards and managers to thoroughly vet the people they bring in to do
even basic maintenance projects in their building.
Read More
Covering the Gaps
Unlike individual apartment owners’ insurance coverage, most co-op and condo buildings’ insurance policies are pretty standard—they include homeowners’ insurance, liability, and umbrella coverage. Usually, the common areas such as
the hallways, roofs, basements and so on are insured for liability and physical
damage, and occasionally, the building’s insurance policy also covers the standard fixtures in each individual unit.
Read More
Understanding Roles & Responsibilities
Most co-op and condo residents understand that there is a board protecting the
interests of their building community and individual owners—they’ve probably taken part in numerous board elections, or even served on
committees, or volunteered on behalf of the building in some capacity. But many
residents who’ve never held elected office still don’t truly understand what the board members do.
Read More
Helping the New Kids on the Block
Though often responsible for millions of dollars in property and charged with
the oversight of complex building functions, few co-op/condo board members are
real estate professionals. Board members are resident volunteers who come from
many walks of life and various professional backgrounds—most of which don’t include a lot of experience running a multifamily building.
Read More
Tips for Efficient, Effective and Productive Boards
Inefficiently-run board meetings are time-wasters that can make even the most
enthusiastic board member cringe at the thought of an upcoming session. By
contrast, a well-run board meeting can be a productive hour or two that
benefits the entire building. Here are a few tips from the pros for getting the
most out of your meetings.
Read More
A Look at Manhattan's East Village
While the grid of streets and avenues may remain rigid and unchanging as the
years go by, New York City’s neighborhoods are organic entities, constantly shifting and evolving as new
features emerge and old ones fade away. Nowhere is this perpetual reinvention
more evident than in Manhattan’s East Village.
Read More
Q&A: Transparency of Board Operations
A number of shareholders have raised questions about the management of the our co-op corporation. The board has been largely in place for 10 years, the managing agent for 20, and the board retains an attorney, who also served the enterprise for 20 years. The major issues involve a lack of transparency. Read More
Beware of Inadequately/Impropery Insured Contractors
Many directors serving on the boards of co-ops and condominium communities
assume that once they have secured the appropriate coverage for their
properties, their problems are largely over. Unfortunately, problems in the
insurance marketplace have created conditions which can leave unknowing boards
exposed to losses from areas they least expect. One of the principal indirect
exposures that all boards face relates to the contractors they engage to do
everything from simple building repairs to large capital projects. These contractors may be plumbers, electricians, roofers, painters, HVAC service
technicians and the like and may be performing a range of tasks on the
property. Understanding what is necessary to prevent potential risks associated
with these contractors is essential for every co-op and condominium board.
Read More
Q&A: Can Board Reconsider after Signing Sales Contract?
Our cooperative board has approved a buyer for one of our units. The seller and prospective buyer have already gone to contract. There are presently a number of board members who have second thoughts about approving the buyer and would like the board to re-vote. Can the board reconsider their approval after a contract has been signed? If so, what is the risk? In general, until what point can a board reconsider and is there a difference if the reason is financial or character-based? Read More
