Boards and associations, just like individuals, carry insurance coverage to protect them from liability, loss and other financial and legal problems, although the issues may be a little different than the typical auto or single-family home…
Property insurance, by definition, is a guarantee of compensation for a specific loss or damage to physical property or equipment. Within that broad and simplified explanation there is room for multiple interpretations—and more than enough…
In the tri-state area, where even the most profligate among us may shed a tear or two at hotel room prices, the homesharing trend has grown by leaps and bounds, with more co-op and condo owners than ever renting out their units to short-st…
From equipment failure and personal injuries to tornadoes and tropical storms, disasters happen. Any condominium association worth its salt knows that it needs to be prepared for a rainy day. A great chunk of that preparation is insurance.…
Sometimes the future seems like it’s an awfully long way away. If a roof is going to last 30 years, why should we worry about it today? Same with that shiny new boiler, HVAC chiller or that flat, crack-free pavement just poured two summers…
Those of us without engineering degrees tend to take the buildings in which we live and work for granted. We simply assume that if we go indoors, the ceiling isn't going to suddenly collapse. Of course, buildings can remain upright and str…
Taking care of a condo or co-op building’s budget and finances is a big job. Handling such large sums of money is an important responsibility, and not every shareholder or unit owner has the expertise to do the job well. Sure, most people …
Imagine sitting down with your significant other to pay the monthly bills. You both put your checks into a joint account and know how much there is to take care of expenses, or so you think. Out of his wallet your husband pulls out receipt…
Some lucky co-ops and condos offer the benefits of an indoor or outdoor swimming pool for their residents; it’s a splashy amenity that many people request when looking for a home…but there are many drawbacks, issues, and liabilities that c…
A building or association's budget may very well be the bane of every board member’s existence. This is especially true when it relates to the prioritizing of repairs and maintenance tasks. Given the safety concerns involved, these are amo…