With homeownership comes great responsibility. For co-op and condo residents, part of that responsibility means sorting through the seemingly mile-high stacks of documents handed to you before, during and after the purchase process beg…
Job losses. Bankruptcies. Foreclosures. These are tough times for everyone, but when homeowners fall on hard times, they are often late paying their condo or co-op fees. Some can’t even afford to pay them at all. Add in contractors and …
Q The board of directors at my co-op recently mandated that every apartment must carry homeowner’s insurance and list the complex as “additionally insured.” My insurance agent says that by listing them as “additionally insured” on the po…
Time was when the average New Yorker didn’t think much about floods. Sure, there were severe storms here, such as the infamous Hurricane of 1938 that hit Long Island and the Great Nor’easter of 1992, but these were few and far between. …
Recently, a 36-year-old New York City restoration contractor was charged with multiple counts of workers’ compensation fraud and falsifying business records. He was hired as a sub-contractor, but he allegedly submitted three fraudulent …
For any co-op or condo in New York, there are certain types of insurance that they cannot live without. Generally those include: property, liability, umbrella, D&O (with employment practices liability (EPL) insurance embedded in the co…
Home may be where the heart is, but these days, it’s also the source of enormous anxiety and concern for a great many co-op and condo owners. With the economy mired in recession and unemployment still hovering near the 10 percent mark, …
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…
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 …
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 mark…