What are the homeowners insurance requirements for the building?
The recent (August 2003) amendment to the proprietary lease, stipulates all shareholders must have insurance coverage for at least the following amounts: • Public Liability/Personal Injury — $200,000 per accident/$50,000 for property damage per accident. • Water Damage Insurance — $5,000 (if the casualty insurance does not cover water damage). • Casualty Insurance — $25,000 on the contents of the apartment. All insurance policies must name “200 East 16th Street Housing Incorporated” as additional insured. The Board and The Lovett Company, LLC have arranged with the insurance broker for the Co-op to offer the required insurance at a cost of approximately $129 per year. If you are interested in obtaining this policy contact Steven Principe at 516-221-2599 for complete details. If you chose to use a different carrier, please make sure that your policy meets these new requirements.
