Boards and associations, just like individuals, carry insurance coverage to protect them from liability, loss and other financial and legal problems, although the issues may be a little different than the typical auto or single-family homeo…
Property insurance, by definition, is a guarantee of compensation for a specific loss or damage to physical property or equipment. Within that broad and simplified explanation there is room for multiple interpretations—and more than enough …
In a city like New York, where even the most profligate among us may shed a tear or two at hotel room prices, the homesharing trend has grown by leaps and bounds, with more co-op and condo owners than ever renting out their units to short-s…
Earthquake insurance is very common in California, for obvious reasons—but what about New York City? Tremors may be vanishingly rare here, but nonetheless, Arthur A. Schwartz's Manhattan condominium building has earthquake insurance, and he…
King Kong, aliens, asteroids, 9/11, Superstorm Sandy, fires, floods and whatever else the world throws at us, disaster and New Yorkers are no strangers, whether on screen or in real life. While the greatest tragedy is the loss of life, dis…
Protection against embezzlement, fraud, theft, computer crime, forgery and more are just the tip of the iceberg when it comes to crimes at community associations across the United States. During challenging economic times, crime goes up an…
Individuals, associations and other entities carry insurance coverage to protect them from liability, loss, and other financial and legal threats—that's pretty basic. What isn't always so basic is deciding when to file a claim versus payin…
Sometimes insurance and the terms that accompany it can feel like a completely foreign language. It can be mystifying and overwhelming, whether for individual co-op or condo residents or the board members who oversee the community as a who…
You can’t underestimate the value of insurance. In a simple analogy, operating a business—or the day-to-day business of a co-op or condo—without adequate insurance coverage is a lot like skydiving without a parachute. Needless to say, it’s…
According to a 2013 poll by the Insurance Information Institute, only 13 percent of American homeowners have some sort of flood insurance policy, and those living in New York City are low on that list. After all, New York City certai…