{"id":40,"date":"2017-03-22T18:05:24","date_gmt":"2017-03-22T18:05:24","guid":{"rendered":"https:\/\/edgecombe.emagines.org\/?p=40"},"modified":"2017-03-22T18:05:24","modified_gmt":"2017-03-22T18:05:24","slug":"insurance-515-edgecombe-cooperative","status":"publish","type":"post","link":"https:\/\/edgecombe.emagines.org\/?p=40","title":{"rendered":"Insurance : 515 Edgecombe Cooperative"},"content":{"rendered":"

HOMEOWNERS INSURANCE<\/strong>
\nThe House Rules require all share\u00adhold\u00aders to acquire Home Own\u00aders Insur\u00adance. <\/strong>The House Rules state:<\/p>\n

\u201cAll Lessees must obtain com\u00adpre\u00adhen\u00adsive Home Own\u00aders Insur\u00adance Lia\u00adbil\u00adi\u00adty Cov\u00ader\u00adage for any and all apart\u00adments or shares they own. A copy of the cer\u00adtifi\u00adcate of Home own\u00aders Insur\u00adance Lia\u00adbil\u00adi\u00adty must be sub\u00admit\u00adted to the Board of the Lessor or des\u00adig\u00adnat\u00aded Man\u00adag\u00ading agent.\u201d<\/p>\n

WHY YOU NEED TO BE INSURED AND WHAT YOU NEED TO KNOW<\/strong><\/p>\n

(The fol\u00adlow\u00ading arti\u00adcle by Robert E. Mack\u00adoul, founder and Pres\u00adi\u00addent of Mack\u00adoul and Asso\u00adciates, pro\u00advides some basic infor\u00adma\u00adtion on the\u00adHome Own\u00aders Insur\u00adance. Please con\u00adtact your insur\u00adance agent for advice and com\u00adplete infor\u00adma\u00adtion on the avail\u00adable insur\u00adance.)<\/p>\n

Many coop\u00ader\u00ada\u00adtive and con\u00addo\u00admini\u00adum dwellers tend to think that they don\u2019t need home\u00adown\u00aders insur\u00adance. This is gen\u00ader\u00adal\u00adly due to two basic mis\u00adcon\u00adcep\u00adtions: the first, that they do not need home\u00adown\u00aders insur\u00adance because the build\u00ading already has cov\u00ader\u00adage; the sec\u00adond, that since banks and mort\u00adgage com\u00adpa\u00adnies don\u2019t require home\u00adown\u00aders insur\u00adance in a coop\u00ader\u00ada\u00adtive or con\u00addo\u00admini\u00adum, such cov\u00ader\u00adage is not a neces\u00adsi\u00adty.<\/p>\n

These beliefs are not only wrong, but they can also be dan\u00adger\u00adous. Build\u00ading insur\u00adance rarely pro\u00advides cov\u00ader\u00adage with\u00adin units them\u00adselves. And while banks may not stip\u00adu\u00adlate home\u00adown\u00aders insur\u00adance as a req\u00adui\u00adsite when mak\u00ading a loan, that\u2019s cold com\u00adfort if a fire or oth\u00ader cat\u00ada\u00adstro\u00adphe ren\u00adders your apart\u00adment tem\u00adporar\u00adi\u00adly unin\u00adhab\u00adit\u00adable.<\/p>\n

The issue is not whether you should have home\u00adown\u00aders insur\u00adance, but how much cov\u00ader\u00adage you should secure. For co-op share\u00adhold\u00aders and con\u00addo unit own\u00aders, the ide\u00adal pol\u00adi\u00adcy should cov\u00ader the basics:<\/p>\n

    \n
  1. Improve\u00adments and Alter\u00adations,<\/li>\n
  2. Con\u00adtents and Per\u00adson\u00adal Effects,<\/li>\n
  3. Loss of Use cov\u00ader\u00adage for extra expens\u00ades that arise from being tem\u00adporar\u00adi\u00adly unable to occu\u00adpy the unit fol\u00adlow\u00ading a claim,<\/li>\n
  4. Per\u00adson\u00adal Lia\u00adbil\u00adi\u00adty to pro\u00adtect against law\u00adsuits from oth\u00ader par\u00adties or insur\u00adance com\u00adpa\u00adnies, and<\/li>\n
  5. Assess\u00adment Cov\u00ader\u00adage.<\/li>\n<\/ol>\n

    IMPROVEMENTS AND ALTERATIONS<\/strong>
    \nIn a coop\u00ader\u00ada\u00adtive or con\u00addo\u00admini\u00adum, improve\u00adments and alter\u00adations that are with\u00adin the unit are the unit owner\u2019s or shareholder\u2019s respon\u00adsi\u00adbil\u00adi\u00adty. These improvements\/alterations are not cov\u00adered under the building\u2019s insur\u00adance pol\u00adi\u00adcy.<\/p>\n

    If there is a claim, the building\u2019s insur\u00adance com\u00adpa\u00adny is respon\u00adsi\u00adble for the build\u00ading itself and the infra\u00adstruc\u00adture, the pipes and elec\u00adtri\u00adcal wiring inside the walls. When it comes to the indi\u00advid\u00adual unit, the insur\u00adance com\u00adpa\u00adny is only required to put the apart\u00adment \u201cback to spec\u201d; that is, exact\u00adly how it was when it was built. Thus, all the updates to a spe\u00adcif\u00adic unit that have occurred since the build\u00ading was first built are the respon\u00adsi\u00adbil\u00adi\u00adty of the cur\u00adrent own\u00ader, and not the build\u00ading. This includes new bath\u00adrooms and kitchens, floor\u00ading and car\u00adpet\u00ading, and mold\u00ading put in by the cur\u00adrent own\u00ader. In addi\u00adtion, the cur\u00adrent share\u00adhold\u00ader is respon\u00adsi\u00adble for all the improve\u00adments and alter\u00adations done by pre\u00advi\u00adous own\u00aders.<\/p>\n

    If, for instance, the floor\u00ading in a unit had been in place since the building\u2019s incep\u00adtion, that would be cov\u00adered under the building\u2019s insur\u00adance. How\u00adev\u00ader, espe\u00adcial\u00adly with old\u00ader build\u00adings, the prob\u00ada\u00adbil\u00adi\u00adty of hav\u00ading a unit with all its orig\u00adi\u00adnal fea\u00adtures intact is rather low. The build\u00ading insur\u00adance com\u00adpa\u00adny will not pay for these alter\u00adations and repairs. This is where homeowner\u2019s cov\u00ader\u00adage specif\u00adi\u00adcal\u00adly for improve\u00adments and alter\u00adations comes in; if prop\u00ader\u00adly planned, it will cov\u00ader all the alter\u00adations and improve\u00adments in a unit, regard\u00adless of who put them in.<\/p>\n

    PERSONAL PROPERTY<\/strong>
    \nShare\u00adhold\u00aders or unit own\u00aders are respon\u00adsi\u00adble for insur\u00ading all of their apartment\u2019s con\u00adtents and per\u00adson\u00adal prop\u00ader\u00adty. This includes every\u00adthing from fur\u00adnish\u00adings to kitchen\u00adware to cloth\u00ading \u2013 any\u00adthing that can be moved around, picked up, and tak\u00aden. What can\u2019t be moved, such as bath\u00adroom fix\u00adtures and kitchen cab\u00adi\u00adnets, qual\u00adi\u00adfy as improve\u00adments and alter\u00adations.<\/p>\n

    Per\u00adson\u00adal prop\u00ader\u00adty cov\u00ader\u00adage should be ade\u00adquate to meet the cost of replac\u00ading items today, as opposed to the cost when they were orig\u00adi\u00adnal\u00adly pur\u00adchased. If some\u00adthing that is con\u00adsid\u00adered per\u00adson\u00adal prop\u00ader\u00adty is destroyed and there is no replace\u00adment cost cov\u00ader\u00adage, the insur\u00adance com\u00adpa\u00adny will depre\u00adci\u00adate the loss and great\u00adly reduce the com\u00adpen\u00adsa\u00adtion for the dam\u00adaged item. For exam\u00adple, a tele\u00advi\u00adsion pur\u00adchased for $500 five years ago, with\u00adout replace\u00adment costs, would be worth $250 today (assum\u00ading that the use\u00adful life of a tele\u00advi\u00adsion is 10 years). But with replace\u00adment cov\u00ader\u00adage, the insur\u00adance would cov\u00ader the full cost of a new tele\u00advi\u00adsion. As a rule of thumb when decid\u00ading on the lev\u00adel of cov\u00ader\u00adage for your new insur\u00adance pol\u00adi\u00adcy, you should typ\u00adi\u00adcal\u00adly esti\u00admate how much all your per\u00adson\u00adal prop\u00ader\u00adty and apart\u00adment con\u00adtents are worth and then dou\u00adbling that val\u00adue.<\/p>\n

    LOSS OF USE<\/strong>
    \nIn the event of seri\u00adous dam\u00adage to your unit, you will need mon\u00adey to live else\u00adwhere. This is pro\u00advid\u00aded for under a part of the homeowner\u2019s pol\u00adi\u00adcy called \u201closs of use\u201d. In insur\u00adance poli\u00adcies for coop\u00ader\u00ada\u00adtives, lim\u00adit\u00aded loss of use only cov\u00aders 40 per\u00adcent of the total per\u00adson\u00adal prop\u00ader\u00adty cov\u00ader\u00adage amount. If your prop\u00ader\u00adty is insured for $100,000, the max\u00adi\u00admum loss of use com\u00adpen\u00adsa\u00adtion that you could receive would be $40,000.<\/p>\n

    If repairs to the unit go on for an extend\u00aded peri\u00adod of time, which they often do, this may not be enough to cov\u00ader liv\u00ading expens\u00ades \u2013 espe\u00adcial\u00adly the high cost of liv\u00ading in New York. This is why it is best to have an unlim\u00adit\u00aded loss of use pol\u00adi\u00adcy. This fea\u00adture comes stan\u00addard with the plans offered by Chubb and Fireman\u2019s Fund, and most oth\u00ader com\u00adpa\u00adnies will allow the home\u00adown\u00ader to buy up their unlim\u00adit\u00aded cov\u00ader\u00adage.<\/p>\n

    Unlim\u00adit\u00aded loss of use cov\u00ader\u00adage may be the most impor\u00adtant fea\u00adture of your pol\u00adi\u00adcy. Con\u00adsid\u00ader the sto\u00adry of a co-op build\u00ading in Man\u00adhat\u00adtan: In the late 1990s, the pent\u00adhouse res\u00adi\u00addents decid\u00aded they did not like the way the roof drains looked, so they had them cov\u00adered with screens. In August 1999, when the city had 6.5 inch\u00ades of rain in one day, the screens pre\u00advent\u00aded the water from drain\u00ading prop\u00ader\u00adly. Water rose up over the para\u00adpet walls and into the build\u00ading, drench\u00ading the under\u00adly\u00ading units from the ninth floor down to the sixth. The inte\u00adri\u00adors were so soaked that no work could be done until every\u00adthing was dried out, which took some time. Restora\u00adtion con\u00adtrac\u00adtors then report\u00aded that all the elec\u00adtric sys\u00adtems in the build\u00ading had been destroyed, as was the beau\u00adti\u00adful plas\u00adter work\u00adman\u00adship of this pre-war struc\u00adture. The apart\u00adments had to be gut\u00adted and rebuilt.<\/p>\n

    The sit\u00adu\u00ada\u00adtion only got worse: it took a long time to get the claim set\u00adtled and work under way, because the board of direc\u00adtors right\u00adly insist\u00aded that plas\u00adter, rather than sheetrock, be used to restore the build\u00ading. The board was cor\u00adrect in expect\u00ading insur\u00adance to pay for the plas\u00adter, as this was dic\u00adtat\u00aded in the orig\u00adi\u00adnal build\u00ading plans. But it took eight months to restore the build\u00ading, dis\u00adplac\u00ading those liv\u00ading in the affect\u00aded units.<\/p>\n

    For some, there was good news: the share\u00adhold\u00aders on the eighth and ninth floors had unlim\u00adit\u00aded loss of use cov\u00ader\u00adage. Their insur\u00adance pro\u00advid\u00aded hun\u00addreds of thou\u00adsands of dol\u00adlars to house them in Man\u00adhat\u00adtan hotels. It also paid for them to eat out and for all the extra expens\u00ades that result from not liv\u00ading at home. After six months, the insur\u00ader decid\u00aded to reduce the ongo\u00ading expens\u00ades and found these res\u00adi\u00addents fur\u00adnished two-bed\u00adroom apart\u00adments. But a hard les\u00adson was learned by the res\u00adi\u00addents on the sixth and sev\u00adenth floors: their lim\u00adit\u00aded loss of use cov\u00ader\u00adage ran out after about a month.<\/p>\n

    LIABILITY COVERAGE<\/strong>
    \nMost home\u00adown\u00aders insur\u00adance claims per\u00adtain to res\u00adi\u00addent-relat\u00aded inci\u00addents. For instance, if some\u00adone slips and falls in your unit, you may be sub\u00adject to a lia\u00adbil\u00adi\u00adty law\u00adsuit. But lia\u00adbil\u00adi\u00adty doesn\u2019t stop there. If your toi\u00adlet over\u00adflows and dam\u00adages the down\u00adstairs neighbor\u2019s ori\u00aden\u00adtal rug, or if your cat scratch\u00ades some\u00adone in the eye \u2013 all these are poten\u00adtial lia\u00adbil\u00adi\u00adty issues.<\/p>\n

    The answer is personal\/family lia\u00adbil\u00adi\u00adty cov\u00ader\u00adage. Most stan\u00addard home\u00adown\u00aders insur\u00adance poli\u00adcies include $100,000 of lia\u00adbil\u00adi\u00adty cov\u00ader\u00adage, but unit own\u00aders should not have less than $500,000 in lia\u00adbil\u00adi\u00adty cov\u00ader\u00adage because, \u201cyou nev\u00ader know whose Picas\u00adso you\u2019re going to ruin.\u201d<\/p>\n

    THE RISKS OF NOT BEING INSURED<\/strong>
    \nWhen share\u00adhold\u00aders or unit own\u00aders do not have home\u00adown\u00aders insur\u00adance, it is not only their prob\u00adlem but it could cre\u00adate sig\u00adnif\u00adi\u00adcant prob\u00adlems for the build\u00ading, as well. If an apart\u00adment is ren\u00addered unin\u00adhab\u00adit\u00adable for an extend\u00aded peri\u00adod of time and the own\u00ader has no cov\u00ader\u00adage to pay the expens\u00ades of tem\u00adpo\u00adrary liv\u00ading accom\u00admo\u00adda\u00adtions, the per\u00adson\u00adal cost could dri\u00adve the own\u00ader into arrears and poten\u00adtial\u00adly into default on the unit. The same could hap\u00adpen if an inci\u00addent in an unin\u00adsured shareholder\u2019s unit affects anoth\u00ader unit in the build\u00ading: the result\u00ading law\u00adsuit could force the share\u00adhold\u00ader into bank\u00adrupt\u00adcy.<\/p>\n

    This is why many coop\u00ader\u00ada\u00adtives and con\u00addo\u00admini\u00adums have made home\u00adown\u00aders insur\u00adance manda\u00adto\u00adry for every share\u00adhold\u00ader and unit own\u00ader. If your board con\u00adsid\u00aders estab\u00adlish\u00ading such a pol\u00adi\u00adcy, it should spec\u00adi\u00adfy the min\u00adi\u00admum amount of each form of cov\u00ader\u00adage that the unit own\u00aders must take. The amount depends on the build\u00ading; for exam\u00adple, $25,000 is a good start\u00ading point for per\u00adson\u00adal prop\u00ader\u00adty cov\u00ader\u00adage in a mid\u00addle-class build\u00ading, but a more upscale build\u00ading may be expect\u00aded to have con\u00adsid\u00ader\u00adably high\u00ader min\u00adi\u00admums. Min\u00adi\u00admum cov\u00ader\u00adage for improve\u00adments and alter\u00adations and for lia\u00adbil\u00adi\u00adty should also be estab\u00adlished. You should eval\u00adu\u00adate based on the val\u00adue of the most expen\u00adsive unit in your build\u00ading, and work back\u00adward from that. An annu\u00adal mon\u00adi\u00adtor\u00ading process should also be estab\u00adlished to ensure that every\u00adone is cov\u00adered.<\/p>\n

    Extract\u00aded from:<\/p>\n

    \n

    CNYC 250 West 57th Street, Suite 730 New York, NY 10107\u20130730 Tel: (212) 496\u20117400 Fax: (212) 580\u20117801<\/p>\n

    E\u2011mail: info@cnyc.coop<\/p>\n<\/blockquote>\n

    Read the orig\u00adi\u00adnal arti\u00adcle here.<\/p>\n","protected":false},"excerpt":{"rendered":"

    HOMEOWNERS INSURANCE The House Rules require all share\u00adhold\u00aders to acquire Home Own\u00aders Insur\u00adance. The House Rules state: \u201cAll Lessees must obtain com\u00adpre\u00adhen\u00adsive Home Own\u00aders Insur\u00adance Lia\u00adbil\u00adi\u00adty Cov\u00ader\u00adage for any and all apart\u00adments or shares they own. A copy of the cer\u00adtifi\u00adcate of Home own\u00aders Insur\u00adance Lia\u00adbil\u00adi\u00adty must be sub\u00admit\u00adted to the Board of the Lessor or \u2026 <\/p>\n

    Con\u00adtin\u00adue read\u00ading \u201cInsur\u00adance : 515 Edge\u00adcombe Coop\u00ader\u00ada\u00adtive\u201d<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"wp_typography_post_enhancements_disabled":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-40","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/edgecombe.emagines.org\/index.php?rest_route=\/wp\/v2\/posts\/40","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/edgecombe.emagines.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/edgecombe.emagines.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/edgecombe.emagines.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/edgecombe.emagines.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=40"}],"version-history":[{"count":0,"href":"https:\/\/edgecombe.emagines.org\/index.php?rest_route=\/wp\/v2\/posts\/40\/revisions"}],"wp:attachment":[{"href":"https:\/\/edgecombe.emagines.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=40"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/edgecombe.emagines.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=40"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/edgecombe.emagines.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=40"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}