Page 9 - CooperatorNews New York June 2022

COOPERATORNEWS.COM COOPERATORNEWS — JUNE 2022 9 ROSENWACH TANK THE FIRST NAME IN QUALITY CEDAR WOOD TANKS WE ARE CERTIFIED and IT MATTERS! 718.729.4900 43-02 Ditmars Boulevard, 2nd Fl., Astoria, NY 11105 www.rosenwachgroup.com Rosenwach is proud to announce that Rosenwach’s tanks are certified to NSF/ANSI 61 by NSF International, a leading global independent public health and safety organization. NSF/ANSI 61 addresses crucial aspects of drinking water system components such as whether contaminants that leach or migrate from the product/material into the drinking water are below acceptable levels in finished waters. To receive certification, Rosenwach Tank submitted product samples to NSF that underwent rigorous testing to recognized standards, and agreed to manufacturing facility audits and periodic retesting to verify continued conformance to the standards. The NSF mark is our customers’ assurance that our prod- uct has been tested by one of the most respected indepen- dent certification organizations. Only products bearing the NSF mark are certified. sured property that is not total—mean- ing that it does not prevent the property from performing its function, nor does it exceed the coverage limit of the in- surance policy. A fire that destroys one room, but not the entire house, would be an example of partial loss. Catastrophic loss refers to a loss that is random and extremely serious—one that has a devastating effect and cannot be foreseen, and therefore very difficult to make whole without insurance. Catastro- phe insurance exists to prevent individu- als and businesses in the event of a major severe event that results in losses that are much larger than usual. Examples of catastrophic loss would be the damage and destruction caused by hurricanes or wildfires. Building vs. Unit Of course, the lynchpin question about any insurance policy is, ‘What does it cover?’ In a condominium or co-op, the building’s insurance covers the com- mon areas and limited common areas, and to some extent—depending on the policy—certain structural components of your unit. Most owners (and renters, too, if they’re smart) carry their own in- dividual policy to cover the contents of their apartment itself. Ryan Fleming, an insurance pro- fessional with JGS Insurance based in Holmdel, New Jersey clarifies further: “There are basically three options for what’s covered: bare-walls, single-entity, and all-in coverage. Bare walls property coverage is provided for all common and limited common elements—cover- age extends up to the unfinished interior surfaces. Single-entity property coverage is provided for all common and limited common elements, as well as the units as defined in the building’s master deed and bylaws. Coverage extends to what can be considered an original base model unit, insurance for their individual units, or how the unit was sold at its original which generally also covers contents. essary—fire department, water company, conveyance, depending on the wording of Your individual insurance should cover police department, etc. the governing document.” Fleming continues, “All-in cover- age exists for all parts of the building structure, including any upgrades, bet- terments, improvements, etc. within the by Fleming outlining the steps for cor- units. Your coverage vis-à-vis the build- ing, association, or corporation depends on what kind of coverage the property has.” In addition, homeowners often have occurs items excluded by any or all of the three types of policies described above. Filing a Claim Here is a general breakdown provided occurs rectly filing a claim. Habitational Claims Steps 1. Ensure that all unit owners notify the property managers of a loss when it 2. Notify the proper authority if nec- 3. Secure the building—whether it is a fire or water loss, it is important to secure the building to ensure no further damage 4. Make any necessary temporary or emergency repairs, such as calling a re- mediation company to go in and dry out “Coverage extends to what can be considered an original base model unit, or how the unit was sold at its original conveyance, depending on the wording of the governing document.” —Ryan Fleming continued on page 17