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loss assessment coverageAug 15, 2007


want to add it to a coop policy. anyone got advice, tips, input ?

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Re: loss assessment coverage - Steve Aug 15, 2007


You mean you want to add it to the corporation's policy, right? As opposed to adding it to the policy of a single apartment in the co-op?

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single apartments vs group risk for a coop - sally Aug 16, 2007


I dont think you can add it to coop's ins. however, every coop should have a GROUP RISK policy. muxh cheaper.

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Re: single apartments vs group risk for a coop - Steve Aug 16, 2007


Thanks for the tip -- I'll make sure our co-op is covered with a group risk policy.

Individual shareholders should add to their homeowners' policies a loss assessment coverage. In the case of Castle Village, the large assessments shareholders are paying to cover the costs of the collapsed wall are, generally, covered by loss assessment coverage -- if the shareholders had it (and had enough).

What's enough? Hard to say. After Castle Village, I increased my line of coverage to $10,000.

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