Yet another new law has recently passed that affects co-op, condo, and HOA boards, as well as residents who lease their units. Almost as if by coincidence, given the historic rains and flooding New Yorkers have endured this season, two la…
Q. My co-op board just voted to require all shareholders to buy homeowners insurance. I’d like to find out if that’s a common thing, but I don’t know who to ask. Thanks! —Is This Right? A. “Re…
Q. My co-op board just voted to require all shareholders to buy homeowners insurance. I’d like to find out if that’s a common thing, but I don’t know who to ask. Thanks! —Is This Right? A. “…
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…
From flood waters and property damage to power loss and spoiled food, coping with the aftermath of a powerful storm can be very troublesome for co-op and condo community board members, owners, and tenants. Therefore, during the Atlantic Hur…
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…
Q. We live in a co-op where the unit we purchased comes with a parking spot. Our parking garage has valet parking and we leave our keys with the attendants. We found that our rearview mirror had scratches on the paint and there was residu…
Commercial umbrella coverage is an essential protection from big liability claims against your building—but insurance markets have grown increasingly volatile in the last two years, and there are fewer programs offering adequate protection …
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…
This summer and early fall, several massive storms struck the United States in rapid succession. Hurricane Ida cut a huge swath of damage from the Louisiana coast to New England. Record flooding, tornadoes, and sustained high winds damaged …