While no one likes to think about lawsuits (except for perhaps litigation attorneys), they are a fact of life—one that association boards and property managers need to prepare for with directors and officers (D&O) liability insurance. Previous articles have addressed how…
If you own a building in your personal name, then you’re opening yourself up to a world of liability. Let’s say you’re a landlord. A tenant sues you over repairs you may or may not be obligated to make. A…
Building owners who fail to check for open violations at least once or twice a year could face a gap in insurance coverage at renewal. Open violations can create an issue for landlords when renewing the building’s insurance policy, even…
When assessing the risks of insuring a property, landlord insurance providers use inflation indicators like the Consumer Price Index (CPI) to estimate payout amounts for potential claims. But one type of inflation that increases payout amounts (and, by extension, insurance…
Whether you're a landlord or a tenant in New York State, a well-drafted lease agreement is essential to protect the rights and obligations of all parties involved. A lease agreement is a legally binding contract that outlines the terms and…
When shopping for landlord insurance, can you find bargains at certain times of the year, like buying cars and televisions? Or does it make sense to wait 60 to 90 days before your current landlord insurance policy comes up for…
To help protect New Yorkers, the New York City Fire Department (FDNY) requires landlords to post and distribute certain fire safety and emergency preparedness documents. The requirements apply to multiple dwellings in New York City, those with 3 or more…
While it’s important to have the right landlord insurance, no one really wants to file a claim. Many of the perils covered by landlord insurance and riders, such as fires and storms, lay beyond a landlord’s control. However, certain preventive steps…
Cyber attacks are on the rise. According to the Hiscox Cyber Readiness Report 2022, the number of U.S. businesses that experienced a cyber attack increased from 40% in 2021 to 47% in 2022. The same study reports that 40% of…
According to the 2020 Traffic Culture Safety Index, published by the AAA Foundation for Traffic Safety, most drivers (79.7%) consider using a handheld cell phone as extremely or very dangerous. The percentages jumped to 94.9% and 95.9% for reading or…