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Insurance
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.”
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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.
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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.
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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 MoreNatural Disasters in New Jersey
New Jerseyans got a taste recently of Mother Nature’s wrath this spring when some of the worst flooding in decades damaged and
destroyed homes and memories throughout Northern New Jersey. Read More
Insuring for Household Hazards
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 condominium,
like ruining drywall, and is believed to trigger numerous health problems in
susceptible persons.
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