Boards' Biggest Insurance Blunders ...and How to Avoid Them

An insurance insider gives boards the scoop on how to avoid common insurance-related blunders.
Compared to rowdy annual meetings or catastrophic plumbing leaks, insurance may not seem like the most exciting aspect of serving on one's co-op or condo board. But neglect it at your peril! Mishandling claims - whether deliberately or accidentally - can cost you big in the long run. Here, an insurance pro discusses the most common missteps he sees when it comes to coverage. 

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  • Good reporting. Our co-op is doing such insurance blunders. The newly elected board was elected for doing everything the cheapest, including skimping on insurance. When we had a 7,700 premium before, our co-op pays now an annual premium that is less than 2,000. Such cheapo way of doing things damages shareholder's interest. You know what they say, cheapo pays double.