Before last September, chances are that most people didn't give much thought to whether acts of terrorism were covered by their homeowner's insurance. Co-op boards and condo associations were more concerned with whether their "all-risk"…
As construction insurance has evolved into a highly specialized and complex field over the past few decades, effective management of risk and insurance is critical when undertaking a construction project. Unfortunately, there is still no si…
By definition, insurance doesn’t fit into the mold of predictability. It’s something we buy, but hope we’ll never need. With some 30,000 structural fires taking place in New York City last year, it’s clear that the unexpected can and does h…
The eccentric widow who lives in apartment 3F with her 16 cats claims that undue noise from the musicians in 3G caused her to have a nervous breakdown-and you, the board president, are to blame because the wall between the apartments-two fe…
The 1990s were good times for those paying insurance premiums. "We had almost a decade of severe, severe cost cutting," says Coletta Kemper, vice president of industry affairs for the Council of Insurance Agents and Brokers. "They were abou…
One might assume that the insurance policies carried by a building would cover any mishaps that would affect residents. This, however, is a misconception. A co-op corporation or condo association takes responsibility for the structural aspe…
Insurance is always a "hot-button" topic among co-op corporations and condo association boards. Since insurance is an annual expense that is not mandated by a union contract or a city tax assessment, many boards regularly "shop" their cover…
Being elected to serve on the board of your co-op or condo can be viewed as a great honor or a dreadful burden. Those who look for the positive in any new situation will focus on the fact that their neighbors have confidence in their lea…
Members of the insurance industry do not agree on much, but if they agree on one thing it's that insurance can seem like a very complex subject. For board members, there is one clear objective regarding insurance: to secure the lowest pos…
In August 1986, a Time magazine cover proclaimed America, Your Insurance Has Been Canceled!! The insurance industry was in the midst of what was called a hard market. Policies were being canceled or non-renewed and premiums were escal…