Legendary funny man Benny Goodman once said, “I don’t want to tell you how much insurance I carry with the Prudential, but all I can say is: when I go, they go too!” The comedian hits on all-important issue: how much insurance is too muc…
In the typical suburban condo development, one must go to another location to shop— maybe to the mini-mall, or the big box store down the road. But in many of New Jersey’s urban high-rises, retail businesses and stores are often found o…
Insurance is a relatively simple concept that any homeowner can understand. You purchase a policy paying a premium to an insurer, and when a claim gets filed, the insurer pays. So in theory, insuring your co-op, condo or HOA should be v…
Whether it is redesigning light fixtures in a common space or replacing a roof, repair jobs and capital improvement projects are like death and taxes, they are inevitable. Whereas a property manager most often handles the hiring of con…
Good afternoon—and welcome to the board. Your mission should you choose to accept it is to make decisions to better your building. The residents may not like you and, more importantly, may not like those decisions. Nevertheless, keep do…
Mistakes happen. It’s a simple fact of life and a simple fact of doing business. That’s why issues of insurance are so important for condominium managers and boards to take seriously. While it is easy enough to keep up to date on one’s o…
For any condominium or community association, there are certain types of insurance that HOAs cannot live without. Generally those include: property, liability, umbrella, D&O (with employment practices liability (EPL) insurance embedded …
Q Our co-op has a question about our various insurance policies. Our insurance agent has recommended to the board that we keep our D&O coverage separate from our general liability coverage. I understand that some commercial general l…
The economic crisis has affected many individuals, businesses and markets—the real estate and job markets, to name just two particularly nasty examples. Until now, one of the few industries that didn’t seem as deeply impacted was the ins…
Many directors serving on the boards of co-op corporations and condominium communities assume that once they have secured the appropriate coverage for their properties, their problems are largely over. Unfortunately, problems in the in…