Insurance For Small And Medium Size Cooperatives And Condominiums

The “Smart Program” was designed to address the needs of superior small and medium sized cooperatives and condominiums by the Praetorian Insurance Group (AM Best A-IX). Praetorian underwrites a successful program for similar buildings in Chicago and is bringing their comprehensive policy coverage to New York exclusively through Mackoul & Associates. The “Smart Program” has many outstanding features, but the program is restricted to cooperatives and condominiums.

If your building is: Brick or fire resistive construction Has less than 100 units Well maintained Self managed or professionally managed Has good loss history

The “Smart Program” can offer outstanding coverages, unparalleled claim service at significant premium savings to those cooperatives and condominiums that qualify.

Here are some of the elements that make the “Smart Program” so unique.

• Praetorian’s ‘comprehensive building wide’ property and liability coverages form
• Crime Fidelity coverages included in policy at no extra cost
• Systems Breakdown/ Boiler & Machinery included in policy at no extra cost
• $2,000,000 Directors & Officers Liability coverage underwritten by Chubb Group at discounted premiums
• $100,000,000 Commercial Umbrella Liability underwritten by multiple carriers *at significantly reduced premiums
• $2,000,000 Environmental coverages through AIG Specialty for fuel spills from both above and below ground tanks and can provide coverage for Lead Paint and Asbestos Liability

*Coverage is provided under The Alliance Of Small & Self Managed Buildings RPG

**Various deductibles apply.

*The coverage information outlined herein is a guideline only; refer to the actual policies for full terms, conditions, exclusions, and limitations.

For more information, regarding The “Smart Program”, click here.

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Mackoul & Associates, Inc. recognizes the vulnerability to litigation that Board of Directors, officers, committee members and volunteers of a Cooperatives and Condominiums face in today’s litigious society. Fortunately Board of Directors and their Property Managers can obtain from Mackoul & Associates, comprehensive coverage through a variety of outstanding insurance carriers to protect their interests. Comprehensive Directors & Officers liability insurance will provide coverage for:

• Directors
• Officers
• Committee Members
• Volunteers
• Trustees
• Employees
• Property Management Firm in connection with their duties to the insured Coverage Highlights Include:
  • Broad definition of wrongful acts, including: any error, misstatement, misleading statement, act, omission, neglect or breach of duty actually or allegedly committed or attempted by the policyholder or any insured individual in their capacity.
  • Negligence
  • Mismanagement
  • Wrongful termination
  • Self Dealing
  • Housing Discrimination
  • Violation of employment laws
  • Sexual harassment
  • Discrimination
  • Wrongful failure to employ or promote
  • Wrongful discipline
  • Wrongful deprivation of career opportunity
  • Negligent evaluation
  • Retaliation
  • Failure to provide adequate work place policies or procedures
  • Protection for monetary damages
  • Defamation of Character
  • Declaratory Relief or Judgement
  • Injunctive Relief
  • Duty To Defend

  *The coverage information outlined herein is a guideline only; refer to the actual policies for full terms, conditions, exclusions, and limitations.

For information regarding Directors & Officers Liability Insurance or other coverages that may not be listed, email us at info@mackoul.com.

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Crime & Fidelity Insurance

Crime & Fidelity insurance is designed to provide coverage to Cooperative & Condominium Associations and their management firms for:

• Employee Dishonesty – Coverage includes Employee Dishonesty coverage with limits available to $1,000,000 (greater limits considered upon request).
• Money & Securities
• Forgery & Depository
• Theft, Destruction and Disappearance (premises and transit)

Non-Compensated Directors and Officers
The policy covers non-compensated directors and officers.

*The coverage information outlined herein is a guideline only; refer to the actual policies for full terms, conditions, exclusions, and limitations.

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Today’s court rooms are “flooded” with lawsuits. Mackoul & Associates, Inc. recognizes the vulnerability of Cooperative and Condominiums face in the event a large liability loss or award that exceeds the basic limit of coverage. Mackoul & Associates, Inc. provides a high limit Commercial Umbrella liability coverages for each “Smart Program” that insures each association for $100,000,000 and are a critical insurance requirement for Cooperatives and Condominiums.

*The coverage information outlined herein is a guideline only; refer to the actual policies for full terms, conditions, exclusions, and limitations.

For information regarding Commercial Umbrella coverage or other coverages that may not be listed, email us at info@mackoul.com.

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