- Home
- Insurance
Insurance
Insurance Fraud!
Last year in New Jersey, a former property manager in Freehold Township was
accused of embezzling $75,000 from homeowner dues. In a separate case, a woman, her husband and mother were charged with theft from
an Aberdeen condo association after misappropriating $995,000 of the
association’s money from January 2005 through September 2006, and in Readington, a former
community manager of the Whitehouse Village Condominium Association admitted in
state Superior Court to pilfering at least $200,000 from the organization.
Read More
The ABC's of D&O
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 doing the job you’re doing. In a worst-case scenario, you will be sued. Perhaps more than once.
Should anything go wrong, don’t worry; you’re protected by the board's D&O insurance. Good luck.”
Read More
New Jersey is the Garden State ( After All)
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,
causing millions of dollars in damages to homes and businesses. And the spring
floods in April of 2007 covered New Jersey in almost a foot of rain. Extensive
flooding destroyed land and property, causing every county in New Jersey to be
declared a federal disaster area. And flooding just this past spring continued
that pattern of extensive damage to the Garden State.
Read More
Examining the Effects, Planning Ahead
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 insurance industry, but that is soon to
change, according to certain experts in the field, who say that indicators show
that insurance premiums are most likely set to rise over the next year.
Read More
A Look at Workers' Compensation
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. Read More
HOA Insurance Case Studies
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. (Yes, fire.) Within a month, having smoked his
entire stockpile of fabulous cigars, and having yet to make a single
premium payment on the policy, the man filed a claim against the insurance
company. Read More
The Value of Directors and Officers Insurance
Imagine you sit on a board of directors that makes a mistake or error in judgment that results in a lawsuit. Imagine the case goes to trial, and the judge awards the plaintiff hundreds of thousands of dollars in damages. Now imagine that each member of that board of directors—including you—is held personally liable for their portion of those damages. Read More
Homeowners vs. Association Insurance
Living in a co-op or condo means shedding many of the worries that come with renting or owning a single-family home. There are no worries over mowing the lawn or fixing that crack in the driveway. The doorman looks after your packages and the maintenance man is just a phone call away. Read More
Dealing with Higher Insurance Premiums
Just like your condo association or homeowner association has to pay its taxes, it also has to pay for its insurance coverage. But managing risk coverage for an entire community is a little more complicated than insuring your family car.
Read MoreMind the Gap
Insurance is designed to be there for us when we need it most. Without knowing
the full extent of our coverage, though, we may find ourselves with less
protection than we thought. For condominium owners, it is imperative to
understand exactly what liabilities and risks are covered by individual
resident homeowner policies and what is covered by the building’s policy. Unfortunately, many co-op and condo residents misinterpret who is
responsible for what.
Read More
