Successful association or cooperative living requires harmony between all parties involved, from management to staff to board to residents. Should one of these groups put their own self-interests above the common good, the wheels can come o…
Insurance liability is a very important issue for a condo or HOA association or a condo board. Most have built up a good relationship with their insurance agents or brokers, and many are content to leave the details to the pros. However, …
Whether a small service contract for something like snow removal, or a larger initiative like replacing all the windows in a building or HOA, boards and property managers have to exercise extreme due diligence before signing on the dotted l…
For many people, insurance seems like its own mysterious realm, filled with terminologies that sound formidable and enigmatic. At the same time, people also understand the profound importance of insurance and what it can mean for the safety…
Directors and Officers (more commonly called D&O) insurance protects individual board members from paying out-of-pocket for legal expenses resulting from good-faith decisions they make in the course of carrying out their duties. Here, an in…
To claim...or not to claim? That can be a tough question; on the one hand, nobody wants to pay out-of-pocket for something their insurance policy covers. On the other hand, too many claims can add up to increased premiums - or get a condo o…
Sometimes, filing a claim with your insurer is exactly the right thing to do...and sometimes it's not. Industry pros explain which claims should be filed, which ones might not be such a good idea, and how to know the difference.
An accident that involves a worker who injures him or herself while on the job at a building can spell legal and financial trouble for building owners and managing agents under New York's Labor Law. Three important sections from the law to …
Boards and managers have a lot on their plates but as these insurance pros point out, it pays to be aware of potential exposures that can cost your co-op or condo in the long run.
Even with proper risk management best practices, it’s impossible to completely avoid all types of insurance claims from happening. At heart, a claim is like any other business dealing—a negotiation. Your ability to convincingly argue your p…