Q I own a co-op unit in Jackson Heights, and recently I asked to get a copy of my
building’s insurance policy. The board’s management told me that they only give this information out when an owner is
buying, selling or refinancing—none of which I’m doing. Am I entitled to this information? If so, how can I compel my
management company to allow my access to it?”
— Queens Shareholder
A “Your management company is within its right to withhold this information, unless
your co-op has a policy of permitting it, as this is not among the type of
information which a co-op must disclose (e.g., shareholder list, annual
financial statement),” explains attorney Steven Troup, the head of Manhattan-based law firm Tarter
Krinsky & Drogin, LLP’s co-op and condo practice group. “This is the type of information which shareholders have a strong interest in
knowing. We perceive no business reason why this information should not be
subject to a shareholder’s inspection. Perhaps the managing agent would be willing to do so upon payment of a small fee
to cover its expenses.
“This inquiry should be raised with the board of directors, and perhaps be brought up at the annual shareholders’ meeting. If enough shareholders join in the request, the board would be hard-pressed to deny reasonable inspection of the insurance policies, or at the very least, the declaration page, which shows the types and amounts of the various coverages.”
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