Grills and fire pits are common outdoor features in backyards across the country as well as at small multi-family buildings. These popular amenities, however, come at a price:Continue reading
Building owners and general contractors look to Builders Risk insurance to protect a project during construction against physical damage due to fire, wind, theft, vandalism and other perils. It’s important for insurance brokers to ensure that the construction contract outlining the project and the coverage they secure work hand-in-hand. The construction contract provides the requirements for insurance coverage, along with indemnity provisions and waivers of subrogation.Continue reading
Slips and falls and customer injury rank among the top ten claims in the real estate industry. General Liability coverage helps pay for legal defense and any settlements an insured faces in these and other types of lawsuits, but often the limits in underlying policies are not enough to cover catastrophic and unforeseen losses that today can run into the millions of dollars. In fact, larger trial verdicts—including in wrongful death lawsuits—are becoming more common.Continue reading
Hurricane season is approaching, and with it, a new reality when storms hit properties in its path. According to a recent report put out by Zurich North America, one of our key carrier partners, despite the overwhelming evidence of a “new normal,” communities are not taking broad action to protect their coastal areas and vulnerable properties and infrastructure. The risks remain high for property owners.Continue reading
Spring is ramping up, and so are the construction jobs and renovations! But do your clients know the ins and outs of hiring contractors? Are their contractors OSHA certified or have they received recent complaint? Are their contracts all up to snuff, and how about the contractors’ insurance coverage?Continue reading
If you build it, they will come—but don’t forget about adequate liability coverage for new construction! As the construction sector keeps pace with the general real estate market, Distinguished’s senior vice president and program executive, Michael Thabet, weighs in on currents facets of the construction industry and what that means for today’s carriers and insureds. Thabet discusses the importance of having the right type of coverage for different building projects and how newly emerging claims are changing the landscape of this sector. Dive right in and share this Rough Notes article.Continue reading
As Bob Dylan says, “A hard rain is gonna fall…” and with it this weekend, a strong wind is gonna blow! The greater New York area is bracing for wind gusts up to 70 mph Friday, according to the National Weather Service, not to mention a coastal flood advisory through Saturday.
Are you ready? Doing a quick property sweep could help protect your building from severe wind damage.Continue reading
Down deep in the basement is the heart of your building that keeps everything going: the boiler! Yearly boiler inspections are the law—and for good reason. But now those annual inspections in New York City must be submitted online. This new process, along with submitting yearly certificate fees, is now the only way to complete a boiler inspection with the NYC Department of Buildings (DOB).Continue reading
Due to the increased risk of accidental slip-and-fall injuries that occur because of snow and ice along sidewalks, it is important for home and property owners to understand their responsibilities for the sidewalks adjacent to their properties.
While different states have varied laws regarding the time frame for how quickly snow and ice must be removed from the abutting sidewalks of any property, in New York City the laws are some of the least forgiving.Continue reading
While a kitchen remodel was underway in the ground-floor apartment of his four-unit brownstone in Bed-Stuy, Professor Walter Montgomery was threatened with an unexpected expense that tested the strength of his liability coverage.Continue reading
Without a higher limit on their general liability, homeowners could be in for a world of hurt – the kind that affects the wallet.
When it comes to who will be held responsible for accidental or negligent injuries, with regards to a homeowner’s property, the laws can be a tricky thing to navigate. With New York being one of the most litigious states in the entire country, not only is it advantageous for a homeowner to know the laws, their rights, and their responsibilities – it is essential. It is doubly important for the homeowner to then make sure they have coverage that can handle any situation that could lead to personal liability.
In honor of Halloween today, we’re re-sharing one of our claims that came in through our City Homes program a while ago.
On a cold, dark night in early November, snow and ice glazed the sidewalks up and down the block. Tired building owners shuffled out at first light to make sure their patches of sidewalk were cleared and salted. All but one, that is. Our insured, who we’ll call Mr. Smith, is the non-resident owner of small apartment building. He decided to sleep in that morning, confident that his son would shovel the sidewalk in his stead. Junior had been out all night and hadn’t woken up to shovel the walk. So when a young woman slipped on that very patch of snow, the only un-cleared area on the block, it didn’t take her lawyer very long to find Mr. Smith’s name and address, and serve him with her medical bills for her torn rotator cuff and spinal injuries.Continue reading
We talked with Sally Winsted, owner of a newly renovated Brooklyn brownstone, about the loss of some of her most treasured belongings after an unfortunate fire ravaged her home.
Three years ago, brick & brownstone owner Sally Winsted had an unexpected fire loss. While she was fortunate enough to save her home, she lost some of her most treasured antiques in the blaze. Unfortunately, her personal lines insurance did not adequately cover the cost of the lost items. A hard but important lesson for those who have valuable personal property.Continue reading
The steady market inflation of property tax increases of New York City brownstones could provide some unique opportunities for those who are savvy enough to grab on.
Market values for one, two and three family homes saw an increase of 8.6% citywide…while Brooklyn saw the greatest increase in market value of nearly 18%. This consistent climb in the market is fantastic news if you’re a real-estate broker, but what does this mean for the property owners that already own a home in Brooklyn area? And what does it mean for their insurance values?