2006 Aug
2006 Aug Vol. 4, No. 8
Focus on...Insurance
Dealing with Higher Insurance Premiums
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.
Read MoreAn Insurance Primer
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.
Read MoreUnderstanding Insurance
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.
Read MoreA Policy's Progress
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.
Read MoreThe Role of the Public Adjuster
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.
Read MoreLiability in Co-ops vs. Condos
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.
Read MorePicturing a New Future for Fort Lee
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.
Read MoreThe New Jersey Department of Banking & Insurance
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.
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