Argo U: Insurance Explained

Your building’s coverage matters. Join Wendy Moskowitz and Pat Antonnaci to understand five building insurance concepts all co-op and condo Board members should know.

Time Stamps:

2:56 – Current insurance climate and marketplace for renewals

5:40 – How to complete a renewal

11:33 – Types of Insurance to have – Property Insurance

14:48 – Types of Insurance to have – D&O Insurance

16:12 – Types of Insurance to have – Liability Insurance

17:43 – Question: Can you clarify if individual board members have any responsibility if a building has a loss for more than it was insured for?

17:59 – Question: Are individual Board Members have any responsibility if a building has a loss for more than it was insured?

 21:28 – Capital Improvements

28:58 – Claim procedure and liability issues

38:41 – Types of insurance shareholders and unit owners should have

51:15 – Question: Does the co-op need to become involved if there’s a situation in which one unit’s issue is impacting other units, such as a leak imposing into other units, and multiple insurances are involved?

56:00 – Question: Are there insurance limit minimums that co-ops should enforce onto unit owners and shareholders?

58:53 – Question: If the shareholder’s insurance doesn’t cover the damage for which they are responsible in their unit, is the co-op ever liable?

59:30 – Question: How closely to look at certificates of insurance from outside vendors?

1:01:41 – Question: Do you review the insurance for contractors for shareholder projects in the same way as co-op projects?

1:06:57 – Final remarks