Category: Insurance

Having insurance means having financial protection—protection from being financially crippled by having to pay excessive costs to rebuild a life or a home—or a whole building—when tragedy strikes. Just as individual homeowners h…

In 2001, the Amalgamated Houses co-op in the Bronx paid $287,000 in insurance premiums. The following June, when the existing policy terminated, the yearly tab rose to a staggering $427,000—an increase of almost 50 percent. And wasn’t …

Many co-op and condo buildings rent out their ground-floor space to commercial tenants—retail shops, restaurants, grocery stores, doctor’s offices, and so forth. While the commercial/residential arrangement has many benefits on both side…

Insurance and Mold Litigation A Toxic Pill to Swallow By Alan R. Lyons and Mary Ellen Shuttleworth While panic and alarm are not warranted, the time is now for real estate owners, developers, lenders and borrowers to…

Every right-thinking homeowner knows that carrying the proper insurance is a vital part of owning a home. For most people, buying a home is the biggest financial investment they will ever make—especially in today’s high-priced market, an…

It’s important for cooperative corporations to have enough insurance to cover any unexpected problems that may arise, and one of the most crucial policies in any corporation’s insurance portfolio is directors and officers insurance, mo…

When it comes to insuring a co-op or condominium community, a belt-and-suspenders philosophy could prove the safest – and perhaps, most advantageous – choice. Getting that extra coverage means going beyond the basics of property and li…

By now, you have already heard about the "dramatic" changes in the Directors & Officers insurance marketplace. You have also most likely heard about the increasing number of lawsuits against directors and officers, and why associations …

Do you sit on the board of your condo or co-op? If you do, are you sure that you and your personal assets are adequately protected when the board of directors and the association are sued? Most of us want to do the right thing, and ma…

There is power in numbers, as the old saying goes - and that goes double for co-ops and condo buildings that are pooling their collective resources to reduce insurance costs under an umbrella known as a Risk Purchasing Group. The idea…