Mold—it’s an ugly four-letter word in more ways than one. Nobody wants to think about the fact that this fungus can be found anywhere where water leaks or drainage problems are present. Mold can cause serious damage to a co-op or condom…
Since 2000, New Jersey has experienced five federally declared disasters due to flooding. Hurricane Ivan crashed ashore in July 2004 and quickly became a category five hurricane. New Jersey residents were hit with intense rains, causin…
When one thinks of Princeton, New Jersey, the first thing that comes to mind is the Ivy League university that put the town on the map—and with good reason. Perennially ranked in the top handful of colleges in the country and with an en…
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…
No matter what the profession or position, it’s difficult to work where you live. For condo and HOA board members, that can certainly be the case. These volunteers must make decisions that impact not only the bottom line, but their frie…
Though often responsible for millions of dollars in property and charged with the oversight of complex building functions, few co-op/condo board members are real estate professionals. Board members are resident volunteers who come from …
Most condo and HOA residents understand that there is a board protecting the interests of their community and individual owners—they’ve probably taken part in numerous board elections, served on committees or volunteered on behalf of th…
Unlike individual apartment owners’ insurance coverage, most co-ops, condos, and HOAs’ insurance policies are pretty standard—they include homeowners’ insurance, liability, and umbrella coverage. Usually, a building’s common areas—such as…
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…
In order to understand circumstances in which you might not be covered by your D&O policy, you must first ask the question, “Where does a community association’s D&O policy fall within the entire insurance puzzle?” Second, “Are all D&O po…