The topic of insurance can provoke fear in the most steadfast of board members. It’s both terrifying in what its purpose implies, and yet at the same time mind-numbingly boring. It’s also one of the most important components in protecting o…
Insurance coverage and the inevitable claims that coverage defends against are a fact of life for multifamily residential communities. In that setting, it’s critical for all parties to understand whose policy covers what, and under what cir…
In the wake of a tragedy of the size and scope of this summer's building collapse in Surfside, Florida, many board members in condos, co-ops, and HOAs have concerns about what liability they may assume in their administrative role. This con…
For many, the topic of insurance can be a bit overwhelming. Even the terms we use as insurance purchasers differ substantially from the terms industry professionals use when discussing and settling claims—which can leave laypeople feeling l…
By its very definition, insurance coverage is planned protection against both the expected and the unexpected. Life insurance clearly provides financial security in the event of death, which of course is an eventual certainty. But at the sa…
The board of a condominium, cooperative, or homeowners’ association literally exists to serve, and to represent residents’ best interests in the day-to-day business of the association. The relationship between the owner/shareholder and the …
One of the unique things that sets co-op, condo and HOA living apart from living in a single-family home, or even a rental, is the buyer’s choice to live in a community-within-a-community. By purchasing a unit in a particular building or de…
There’s an old adage that ‘insurance is for pessimists’ – but that’s very much not the case. In the world of home ownership, and especially in shared communities, proper insurance is a critical factor in protecting not only your most import…
Insurance can seem like a mundane administrative afterthought – right up to the moment you need coverage. In a community association, just because a responsible board handles the lion’s share of maintaining the policy covering common areas …
I wish someone had told me the nuances of trying to cultivate a community while also trying to manage a business,” said Pat Burke, the current president of the Fieldstondale co-op in the Riverdale section of the Bronx, when asked what he wi…