- Home
- Insurance
Insurance
A Look at Workers' Compensation
Workers’ compensation is insurance that provides cash benefits and/or medical care for workers who are injured or become ill as a direct result of their job. Read More
HOA Insurance Case Studies
There is a joke that is regularly circulated via e-mail
among insurance industry professionals. It goes a little like this: A North
Carolina man, having purchased a box of 24 rare and very expensive cigars,
insured them against fire. (Yes, fire.) Within a month, having smoked his
entire stockpile of fabulous cigars, and having yet to make a single
premium payment on the policy, the man filed a claim against the insurance
company. Read More
The Value of Directors and Officers Insurance
Imagine you sit on a board of directors that makes a mistake or error in judgment that results in a lawsuit. Imagine the case goes to trial, and the judge awards the plaintiff hundreds of thousands of dollars in damages. Now imagine that each member of that board of directors—including you—is held personally liable for their portion of those damages. Read More
Homeowners vs. Association Insurance
Living in a co-op or condo means shedding many of the worries that come with renting or owning a single-family home. There are no worries over mowing the lawn or fixing that crack in the driveway. The doorman looks after your packages and the maintenance man is just a phone call away. Read More
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 MoreNot Necessarily
It seems like the everyday operating expenses of condos and HOAs just keep going up and up—fuel costs, staff salaries, physical repairs and the cost of cleaning supplies and other materials have all crept up (or shot up) in the last couple of years. But what about the cost of insurance coverage? Has it edged upward along with everything else? In this article, we’ll attempt to find out. Read More
When HOA Insurers Don't Renew
Along with management fees, insurance premiums represent one of a homeowners association's largest annual expenses - and with good reason. Protection from major financial loss is integral to a civilized society. Without the security of insurance coverage, our world would have a different look and feel. Read More
General Contractors and Insurance
Imagine that your condominium association calls in a general contractor to do some renovation work on one of the buildings in your development. Or one of the unit owners calls in a contractor of his own to do some work on his kitchen or bathroom. More than nine times out of 10, there won't be any problems. But what happens if something should happen, and one of the contractor's employees trips, falls and injures himself? Or if one of those employees has some sort of accident—and instead of suing the contractor, sues the condo/co-op board or homeowner's association? Read More
The Importance of D&O Coverage
In 1997, a racially mixed couple wanted to sublet a co-op apartment at the Beekman Hill House Apartments in New York City. Nicholas A. Biondi, then-president of the Beekman Association's board of directors, refused to approve the couple's application. The couple sued the association for illegal discrimination and the judge found Biondi liable and ordered him to pay the couple $230,000 in compensatory damages and $125,000 in punitive damages. The other board members were also ordered to pay $25,000 in punitive damages. Read More
An 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 More
