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…
Simply put, insurance equals protection. Insurance will help protect your investment if your building is damaged or destroyed by fire or other causes. Public liability coverage will protect you if someone is hurt in the building and sues yo…
Insurance can be a hassle to deal with when it comes to your property, but failing to pay attention to the details of your policy could cost you money now and in the future. Knowing the specifics of your building's insurance policy, and als…
Sometimes bad things happen to good buildings. It's just a fact of life. And sometimes, bad things happen to good buildings with an unforeseeable and unavoidable frequency. That is also a fact of life. Usually, when those bad things happen,…
Co-op buildings routinely require contractors to provide a Certificate of Insurance before any work is started either in a building or for individual shareholders. The managing agent or the shareholder will usually provide a list to the con…
Even though crime statistics are lower in New York City today than they have been in decades, the fact remains that in an urban metropolis such as this, crime is a reality. It only takes one break-in or personal assault to focus everyone…
Insurance sounds like a simple concept: you pay a premium to your insurer, and then when you file a claim, your insurer pays you. Simple. Insuring a co-op or condo building shouldn’t be much different than insuring yourself—just on a b…
While there are many similarities between co-ops and condos, are the two very different when it comes to things like insurance and liability? The answer is both yes and no. There are similarities, but some significant difference…
For many people, their home is their greatest asset. Yet studies show that 59 percent of today’s homes are underinsured by an average of 22 percent. To protect their investment this hurricane season, homeowners should update their insura…
Q Our co-op board has been sued by a shareholder. We’ve notified our directors and officers (D&O) liability carrier of the lawsuit, and our carrier has in turn appointed a defense counsel to defend us against the lawsuit. Do we as a boar…