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Starboard Focuses on Two Primary Areas of Exposure for Condo/Coop Buildings

1

THE EXPOSURE
Insurance policies obtained by associations do not cover contents, improvements/betterments or liabilities of unit owners and shareholders.

THE SERVICE YOU NEED
Collecting evidence of, and tracking unit owner and shareholder insurance, as required by governing documents, which insurance is designed to cover contents, improvements/betterments and liabilities.

HOW WE DELIVER IT

  • Collect directly from unit owners and shareholders their proof of insurance via email.
  • Review and track such insurance information without the need for associations and/or its property managers needing to access, maintain or update any database or software.
  • Directly follow up with unit owners and shareholders for renewal information.
  • Advise property managers and boards on shareholders who have inadequate insurance or who have failed to obtain any insurance.

2

THE EXPOSURE
Associations/Cooperative Apartment Corporations can be held strictly liable for injuries from construction-related activities (like falls from a ladder), regardless of whether the contractor was hired by the association or a unit owner/shareholder.

THE SERVICE YOU NEED
Policies of contractors retained by the Board and unit owners/shareholders must be reviewed and vetted for adequacy.

Ensure that Contractor policies are timely renewed with appropriate insurance.

HOW WE DELIVER IT

  • Establish a process to collect and review contractor insurance policies for adequacy.
  • Collect directly from the contractors information regarding the renewal of their insurance.
  • Rectify inadequacies as needed.