Almost as if by coincidence, given last week’s historic rains and flooding, New York State has recently passed two laws that provide some answers for homeowners and renters affected by the intense weather event. The first, Section 231-B of …
The topic of insurance can provoke fear in the most steadfast of board members. It’s both terrifying in what its purpose implies, and yet at the same time mind-numbingly boring. It’s also one of the most important components in protecting o…
Insurance coverage and the inevitable claims that coverage defends against are a fact of life for multifamily residential communities. In that setting, it’s critical for all parties to understand whose policy covers what, and under what cir…
For many, the topic of insurance can be a bit overwhelming. Even the terms we use as insurance purchasers differ substantially from the terms industry professionals use when discussing and settling claims—which can leave laymen feeling like…
With costs rising—and accidents and property damage a perpetual worry for boards and owners alike—it’s vital that both you and your co-op or condo association be properly insured against liability and loss. Boards and residents also need to…
By its very definition, insurance coverage is planned protection against both the expected and the unexpected. Life insurance clearly provides financial security in the event of death, which of course is an eventual certainty. But at the sa…
Of all the duties - and challenges - a co-op or condo board has to keep track of, insurance likely doesn't rank among the most thrilling; but of course that's no excuse to remain in the dark about changes to coverage-related legislation. In…
Insurance is cyclical; there are hard markets and soft markets, and insurance companies typically make money in two ways: underwriting profit, and investment income. When the market is soft, insurance companies are looking for market share,…
Q. If unit-owner insurance policies are supposed to be approved by a co-op board, what assurances are there that the individual board members have the necessary technical background in this area to assess each policy? As a practical matte…
Sometimes, the choice whether to file a claim with your insurer is clear-cut; sometimes it's not. In this clip, two industry pros give tips on when to file, and when to consider other options.