Why Contractor Insurance Policies Matter More Than Ever

Labor law insurance claims continue to threaten insurance coverage for buildings, but there are some actionable items co-op and condo boards can take to reduce this exposure. Sean Kent, senior vice president at FirstService Insurance Brokers,  explains what they are, and how a 250-unit Bronx co-op overcame an insurance crisis when labor law claims threatened their coverage. Habitat’s Emily Myers conducts the interview, and in it Kent explains the difference between admitted and excess/surplus carriers (with premium differences of 100-300%), why timing is everything during insurance renewals, and what the “new normal” costs are for insurance and umbrella liability coverage.How To Run Your Building: For Co-ops and Condos