NJCooperator - Articles - 2006 Aug

The New Jersey Department of Banking & Insurance

no@spam.com (Robert Greenberger) — Fri, 06 Jul 2007 11:27:23 EDT

Hurricane Imminent roared towards the New Jersey coast, its 120 mile-per-hour winds devastating the homes along the 80 miles of barrier islands. The Category 3 storm left a million homeless and caused hundreds of millions of dollars in damage. During the height of tourist season, the Jersey Shore from Cape May north was largely destroyed.

Picturing a New Future for Fort Lee

no@spam.com (Greg Olear) — Fri, 06 Jul 2007 11:22:19 EDT

Fort Lee, a quaint town of two-and-a-half square miles perched on the Palisades above the mighty Hudson River, is often overlooked. Millions of people have passed through Fort Lee - indeed, anyone who has ever crossed the George Washington Bridge has breached the town's borders—but of those, only a fraction have stopped to smell the proverbial roses.

Liability in Co-ops vs. Condos

no@spam.com (Lisa Iannucci) — Fri, 06 Jul 2007 11:14:09 EDT

While there are many similarities between co-ops and condos, are the two very different when it comes to things like insurance and liability? The answer is both yes and no. There are similarities, but some significant differences as well. One such difference, for example, is simply the way the residents live. In a co-op, shareholders are essentially stockholders in a private corporation whose shares entitle them to live in the corporate-owned building. In a condo, unit owners are owners of real property that just happens to be stacked on top of other real property, rather than being freestanding.

The Role of the Public Adjuster

no@spam.com (David Garry) — Fri, 06 Jul 2007 10:39:48 EDT

With ownership of property comes great responsibility—and a certain amount of risk. One of the most important aspects of property ownership is ensuring that in the event of loss, damage or accident, your investment is protected. In essence, protecting your investment is protecting yourself.

A Policy's Progress

no@spam.com (Liz Lent) — Fri, 06 Jul 2007 10:34:31 EDT

It's like setting your luggage on the conveyer at the airline check-in counter. Somehow your bags end up in your hands after the flight. It's just that we never quite know what happens in between letting our bag go and finding it again three hours later. The same can be said of insurance claims. When something bad happens, we call our agent to report the incident, and somehow, everything gets taken care of. It's what happens between that call and resolution that's the truly interesting part.

Understanding Insurance

no@spam.com (Keith Loria) — Fri, 06 Jul 2007 10:29:16 EDT

One of the most confusing aspects of owning a condo or co-op is understanding the ins-and-outs of your community's insurance coverage. The fine print of an association's insurance policy is often complicated, but for association boards, management companies, shareholders, and unit owners, it's important that everyone is aware of the coverage that is needed and provided on their properties.

An Insurance Primer

no@spam.com (Anthony Stoeckert) — Fri, 06 Jul 2007 10:23:45 EDT

It's a fact: the survival of a condo or co-op association after an accident or injury can very well depend on its insurance coverage. Failure to obtain and maintain adequate coverage can result in financial disaster if a building suffers serious damage. By the same token, overpaying for premiums or buying insurance the association doesn't need can be wasteful.

Dealing with Higher Insurance Premiums

no@spam.com (Raanan Geberer) — Fri, 06 Jul 2007 10:18:03 EDT

Just like your condo association or homeowner association has to pay its taxes, it also has to pay for its insurance coverage. But managing risk coverage for an entire community is a little more complicated than insuring your family car.