Co-op and condo board insurance in New York City
A co-op corporation or condominium association is responsible for the building, the people who work in it and the decisions its board makes. The master insurance program protects all three, and in New York City, with older buildings, union staff and active shareholders and unit owners, getting it right takes experience.
Gordon Companies is an independent, family-owned brokerage working out of Midtown Manhattan since 1968. We work with boards and managing agents to compare coverage across carriers and explain the trade-offs in plain English, so the board can make a decision it can defend to residents.
What a building program includes
- Master property policy: the building, common areas and, for condos, the elements the governing documents require the association to insure.
- General liability: injuries in lobbies, hallways, roofs, courtyards and amenity spaces.
- Directors and officers (D&O): protection for board members against claims over admissions decisions, assessments, alterations and enforcement of house rules.
- Umbrella or excess liability: higher limits above general liability, auto and employers liability.
- Crime and fidelity: theft of reserve funds or maintenance payments by employees or a managing agent.
- Workers' compensation, New York disability and paid family leave for supers, porters, doormen and other staff.
- Equipment breakdown for boilers, elevators and building systems.
Board D&O deserves a careful look
Co-op and condo boards are sued more often than many volunteers expect, over board package rejections, special assessments, renovations, noise and leak disputes and discrimination allegations. Policies differ on whether they cover the managing agent, discrimination claims, non-monetary claims and defense costs inside or outside the limit. We compare those details, not just the price.
What NYC boards should know
- Valuation matters. Rebuilding a pre-war building to current codes can cost far more than its market value suggests, so ordinance or law coverage is important.
- Water damage between units is the most common source of disputes. Your governing documents and the master policy decide who pays first.
- Shareholders and unit owners need their own condo or co-op policy for their interior, belongings and liability, and many boards require it.
- Contractors working on façades, roofs or units should carry adequate limits and name the corporation and managing agent as additional insured.
How we work with boards and managing agents
We gather the current program, loss history and building details, coordinate with the managing agent, and present options in a format the board can review in one meeting. After placement we handle certificates, lender requirements and mid-term changes, and we are there when a claim comes in.
Questions we hear from co-op and condo boards
Does D&O cover the managing agent?
Some policies include the managing agent as an insured for claims arising from their work for the building, others do not. It is worth confirming.
Who pays for water damage from a leak upstairs?
It depends on the governing documents, the source of the leak and the policies involved. The master policy, the unit owners' policies and any deductibles all play a part.
How high should our umbrella limit be?
Buildings with more units, staff and amenities usually carry higher limits. We look at your exposures and what similar buildings carry.
Why did our renewal premium go up?
Property markets in New York have tightened, and losses, building age and values all affect pricing. Shopping the program across carriers is often the best response.
Related coverage
Get your building insurance quote
Start with a few details on our quote page, or call 212-687-2525 Monday through Friday, 9am to 5pm. A real person on Aaron Gordon’s team will review what you have, compare carriers and walk you through the options.
Renewal coming up for your building?
We review the master policy, D&O and umbrella together and give your board a clear side-by-side comparison.
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