Archive for the ‘Building Insurance’ Category

As a Property Manager, you are exposed to certain risks when managing your buildings.  Most property management firms protect themselves from being involved in a lawsuit by obtaining comprehensive Property Managers E&O Insurance… but is that good enough?

Just when you think you are covered, you may realize that your policy excludes some of the coverages you need the most.  This is often the case with “failure to place or failure to maintain insurance.”  Address this exposure specifically before finding yourself involved in litigation and desiring the defense for a frivolous accusation that could have been avoided.

At Mackoul & Associates, Inc., we can offer you valuable protection that includes “failure to place or failure to maintain insurance.”

*Submissions are subject to availability.

If you would like to know more about Property Managers E&O Coverage, or other policies available, I would be happy to discuss and answer any questions you may have.

Thank you,

Edward J. Mackoul, CIC
(866) Mackoul or (866) 622-5685

 www.mackoul.com | www.blog-mackoul.com 

While our good old groundhog friend, Punxsutawny Phil, gives us much needed hope that warmer weather is ahead of us, we are not in the clear… just yet.

It has been a very long and cold winter, which has posed problems for everyone.  Freezing pipes, collapsing roofs, and sidewalks laden with ice and snow are just a few of the risk factors that many property owners and managers have had to deal with.

To lighten the burden, we would like to provide tips and tricks to help you prevent some winter disasters that may be avoidable:

Winter Tips and Tricks:
1.  Cold Weather Checklist
2.  Prevent Your Sprinkler System From Freezing
3.  Snow and Ice Removal Tips
4.  Snow and Ice Removal Log
5.  Snow and Ice Incident Report

Bed Bugs have been staking their claim throughout NYC and the surrounding areas with infestations spotted in various and unexpected establishments such as movie theatres, schools, retail stores, and other businesses.  While these pests aren’t known to carry diseases, they bring with them remediation costs, battered reputations of the infested and possible lawsuits.  For more information, check out the links below.

Bed Bug Prevention and Control
Resources:
Information: New York State Bed Bug Disclosure Law
Property Managers Bed Bug Guide- Click Here
NYC Dept. of Health- Bed Bug Control- Click Here
New York State Housing Authority- Stop Bed Bugs Safely- Click Here
WSJ- Bed Bugs Put Bite in Co-op Deals- Click Here
Dateline NBC- What to Know About Bed Bugs- Click Here
The Cooperator- Bed Bugs, Lead Paint and Graffiti- Click Here
Mackoul Blog Posting- Click Here

Mackoul & Associates, Inc.  has sponsored the November Digital Edition of Habitat Magazine.  One article among many features 33 attorneys answering questions fired at them by 14 board directors.  Another article takes a look at housing discrimination and violations of fair housing laws.  Click the following link to read more: http://www.nxtbook.com/nxtbooks/habitat/201011_mackoul/#/1/OnePage

Also features, “Benchmarks- The Signs of Financially Fit Buyers.”  Tighten that financial belt.

Will Your D&O Policy Cover You?

Without the right coverage, involvement with your board may jeopardize your personal financial security!

You may be properly dressed, but are you adequately covered by your Directors & Officers policy? Did you know that if a lawsuit against the board is denied or uncovered by insurance, uninsured losses may be expected from your pocket!

You devote enough time and effort to run your building. Make sure you aren’t jeopardizing your financial stability in the process.

Let us make sure you are covered.
(866) MACKOUL
www.mackoul.com

Here are some links you can use as resources:
Providing Insurance for Board Members- by Jay Romano
http://www.nytimes.com/2006/02/05/realestate/05home.html

Directors & Officers Insurance- It’s Not All The Same- by Edward J. Mackoul
http://www.siteforless.com/customer643/upload/D&O%20Insurance-It’sNotAllTheSame.pdf

Board Of Directors Test
http://www.siteforless.com/customer643/upload/Board%20Of%20Directors%20Test.pdf

Common D&O Coverage Exclusions
http://www.siteforless.com/customer643/upload/CommonD&OCoverageExclusions.pdf

Habitat Magazine’s June issue includes an article on the new EPA rule surrounding lead paint entitled, “Licensed to Paint.”  Click the link below to view the June Issue of Habitat Magazine, as well as hear comments on this article and the insurance implications entailed from Mackoul & Associates’ President, Edward J. Mackoul.
(Click Here For June Issue of Habitat)

The National Flood Insurance Program (NFIP) is currently on schedule to expire on March 28th, 2010.  The Senate has already voted to extend the NFIP until the end of the year, while the House has agreed to extend it just one more month, until the end of April 2010.  The Senate, who has been preoccupied with Health Care Legislation, must vote to adopt the House measure or the NFIP will expire Sunday night. 

We will keep you posted with any updates, but if you have any questions we are always here to help.

Please call with any questions: Edward J. Mackoul, CIC President- Mackoul & Associates, Inc. ejmackoul@mackoul.com Toll Free: (866) Mackoul

Come visit us as we exhibit at the Institute of Real Estate Management’s third annual Asset and Property Management Symposium on Wednesday, March 10th, 2010 from 9:30am-5:30pm. 

The program will be located at the New York Helmsley Hotel:
212 East 42nd Street
New York, NY 10017
Third Floor Conference Center

 Click Here For Registration Information

We are pleased to announce that the National Flood Insurance Program has been extended to March 28, 2010.   The bill that was passed by Congress and signed by President Obama does not include retroactivity to March 1, 2010. 

This short term statutory authorization will allow us to resume issuing flood insurance policies but it did not include specific language that would make the extension retroactive to March 1, 2010 at 12:01 am.

We will include more updates on longer term NFIP reauthorization prior to the expiration on March 28, 2010 as soon possible.

Don’t hesitate to call our offices if you have any questions at (866) Mackoul.
Thank you.

Mackoul & Associates, Inc.

Read the full article here: http://www.insurancejournal.com/news/national/2010/03/03/107849.htm

Statutory authority to issue flood insurance policies pursuant to the National Flood Insurance Program (NFIP) expired on February 28th, 2010.  According to Senate Majority Leader, Harry Reid, measures are expected to pass sometime this week extending the NFIP until March 28, 2010.  However, Congress has yet to pass the short term reauthorization of the NFIP and President Obama has yet to sign the bill.

Main Point- The NFIP will not be able to issue new or renewal flood policies, change coverage or pay claims until Congress reapproves reauthorization.  They recommend that companies writing flood insurance hold any premiums, renewals or added coverage endorsements received on or after Feb. 28th.

Read Full Article
National Flood Insurance Program Website
FEMA Website