—Worried in West Village
“First, the parties should take special care to securely mount the paintings to the wall to make it very difficult to remove them—certainly not just hung by a wire over a nail,” says attorney Steven Troup, a partner with the Manhattan-based law firm of Tarter Krinsky & Drogin LLP.
“The shareholder who owns the paintings should have his/her own insurance on the paintings and the co-op corporation should purchase an "inland marine" policy to insure the paintings as well. The co-op corporation should then have the shareholder sign a hold harmless agreement in favor of the co-op corporation, releasing claims against the co-op in the event of damage or loss. Finally, the paintings will probably have to be appraised before the insurance coverage will go into effect.”