The Hidden Insurance Gap
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The Hidden Insurance Gap
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A Midtown co-op decided to begin to monitor shareholder insurance, but right away they found something unsettling: the governing documents never required anyone to carry a policy. Some owners were covered, others weren't, and the building had no power to insist. Kara Ryan, director of compliance for homeowners insurance monitoring at Mackoul Risk Solutions, walks board members through the case, as well as a Long Island HOA where owners held the wrong policy type and had no structural coverage at all. You'll hear why enforcement so often falls through the cracks, who ends up exposed when it does, how often to revisit your requirements, and the one thing to check first. Habitat's Emily Myers conducts the interview.
Thanks for listening. Subscribe to this podcast for more stories on how New York co-ops and condos have solved a myriad of problems. Brought to you by Habitat Magazine, the "bible" that hundreds of board directors turn to every day!