Shopping for Insurance What Do Board Need to Know?

 Operating a business—or the day-to-day business of a co-op or condo—without adequate insurance coverage is a lot like skydiving with an untested  parachute; you may land just fine...or the result could be catastrophic. If  your condo or co-op building is self-managed, then you and your fellow board  members are responsible for securing your community's master insurance policy.  That's no small task—and this article will guide you through the steps for obtaining the best  insurance coverage for your condo or co-op while staying within budget and  covering all of your most important bases.  

 Pre-Shopping

 It is very important to re-shop your condo/co-op master policy regularly—rates do change from year to year, and you have to make sure that you’re getting the best deal out there. There are some important materials you  should have on hand as you're weighing options for your community's master  insurance policy. They include the following:  

 • Copies of your current declaration pages.

 • Three Year Loss-Runs from the prior carriers, and detailed information on any  claims your building had.  

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Comments

  • martinwolpin@me.com on Tuesday, May 28, 2013 7:51 AM
    my building management company said that there are only 2 companies that underwrite masterplan insurance for coops in nyc. is that true