Property insurance is among the greatest rising costs for New York City condo and co-op boards, especially general liability and umbrella policies. Our insurance brokerage affiliate, FS Insurance Brokers hosted an in-person panel to discuss:

• Proper risk mitigation/transfer:
  • Vulnerability of boards to construction-related and labor law claims

• Umbrella insurance
  • Increasing deductibles and premiums
  • Addition of exclusions to coverage
  • Fewer programs offering adequate protection from major claims

• Directors & Officers (D&O) Liability:
  • Why boards need higher coverage limits
  • Claims Trends: Wrongful termination, emotional support pets, and breach of fiduciary duty

Our insurance experts included:

• Sean Kent, CPCU, Senior Vice President, FS Insurance Brokers
• Jillian Menna, JD, MBA, CPCU, General Counsel, Genatt V; and Of Counsel, Braverman Greenspun, P.C.
• Alison Zuffi, Insurance Director, FirstService Residential