Most co-op and condo board members are not fully aware of all of the financial risks and liabilities associated with their service. Some may not realize that the management company, the co-op corporation board or homeowner's association is…
When you decide to run for a board, you’re usually thinking about all the great changes you’re going to make to your building, along with all the time and effort that you’re prepared to sacrifice for the good of your home. Of th…
When it comes to insurance, there's more to think about than just premiums and deductibles; on one side, there's insurance fraud—and on the other, there's the insurance that protects you from fraud. Both sides of the equation are import…
Good afternoon—and welcome to the board. Your mission should you choose to accept it is to make decisions to better your building. The residents may not like you and, more importantly, may not like those decisions. Nevertheless, keep do…
Q Our co-op has a question about our various insurance policies. Our insurance agent has recommended to the board that we keep our Directors & Officers (D&O) coverage separate from our general liability coverage. I understand that som…
Q Our co-op has a question about our various insurance policies. Our insurance agent has recommended to the board that we keep our D&O coverage separate from our general liability coverage. I understand that some commercial general l…
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 ha…
The board of directors runs on volunteers. They put in hours of unpaid time and effort into making sure your condo or coop runs efficiently and effectively. And then they make a mistake and wham! There is a lawsuit and suddenly they are bei…
Having insurance means having financial protection—protection from being financially crippled by having to pay excessive costs to rebuild a life or a home—or a whole building—when tragedy strikes. Just as individual homeowners h…