Co-op and condo boards should ensure they have adequate indemnification clauses and D&O insurance to protect themselves from personal liability in the event of lawsuits, as the Business Corporation Law only offers mandatory indemnification in certain circumstances. (Print: Make Sure You Are Protected)
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Understanding Indemnification: Protecting Board Members in Co-ops and Condos
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Never Rely on Someone Else’s Insurance
Water damage is the top insurance claim that we see in residential buildings.
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