Liability insurance

… The everincreasing cost of insurance varies depending on your buildings specifics … and of course your buildings claims history Some coops and condos may be required to carry insurance policies in excess …

… In coops and condos with a property manager the property manager usually … be insured for is determined by your buildings replacement cost It is important to keep in mind that the buildings … replacement cost may be different from the market value of the property so a proper assessment and estimate needs to …

… and downright annoying for residents But for New York City condo and coop boards they also present a legal risk Thats because under sections 240 and 241 of New York Labor Law buildings can be held liable for … those deaths involved scaffolding or sidewalk sheds It pays costs that workers compensation might not coversuch as lost …