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…
When an insurance issue comes up, most people will call their broker with simple instructions: “Handle it.” While this approach is not uncommon, it is becoming increasingly dangerous to “abdicate” rather than delegate. Insurance and risk…
Common sense notwithstanding, a lot of co-op and condo owners don’t have the adequate liability and property insurance they should have. Too often they assume that their building association has insurance coverage that will automaticall…
Every month, HOA residents pay monthly fees that are in turn used to pay for a variety of association necessities. One of those necessities is insurance coverage for their buildings and grounds. This isn’t the same as homeowner’s insuran…
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 coup…
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. Employers—and, in the case of some co-op and condo boards, corporations th…
It's bound to happen eventually: calamity befalls your condominium development in the form of windstorm damage, fire, personal injury or the like. The first step most associations take is to call the insurance company and file a claim. Howe…
To those who don't know much about the subject, insurance for condos and HOAs can seem like a fairly simple thing—like car insurance, or life insurance. It's tempting to just trust their broker or agent, and leave it at that. There'…
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 i…
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. (Ye…