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Any recommendations for owner's insurance for my coop apartment? like flood that is a result of owner's neglegent etc.. ( items that are not covered by the coop's insurance. Thanks.
I use ACE. Have been very happy with them so far.
We use Chubb - very satisfied with them. They're a little expensive but when you have a claim they are fast, and pay fully.
realtime - we have Chubb, very happy with them. A little expensive but they pay fast and fully when you have a claim.
Also, you might want to check out this thread:
I hate to say it, but my recommendation is to go with Chubb, Fireman's Fund, or Chartis, or else go with nothing and self-insure.
Most of the traditional carriers will NEVER pay on an HO-6/HO-9 in Manhattan. We have had situations in our building where the lease is clear as can be that the shareholder is responsible (e.g., "Under no circumstances shall the Lessor ever be responsible for refinishing floors"), yet the insurance company sends a letter saying that it's the building's responsibility and if we don't like it, we can appeal to the state insurance commission, which by the way requires a personal appearance in Albany. There's no reasoning with them.
If you have a real insurance need, go with a premium carrier and pay. If you don't, then go without if your building allows it. The other carriers will never pay. I am proud to have been the deciding vote against requiring shareholder insurance on my co-op board.
thanks guys. I neglected to ask for a broker recommendations. I know that Chubb is good but since i have 3 properties I am looking to bid the package out to a good broker. Any names? hard negotiator on behalf of the policy holder? thanks.
We began with Chubb but wound up switching over to ACE about a year ago (after purchasing our apartment) because the premiums were better. We had a claim late last year and they were very responsive and quick to pay.
I very much like our broker (at Marsh) and would be happy to refer. You can email me at bramstar @ gmail.com. My guy is actually based in PA because that is were I am originally from. But he has been excellent throughout the years with my needs in NYC.
Any recommendations for a Chubb/ACE/Fireman's Fund/etc. broker in Manhattan? Thanks.
Try David Chin on Bowery St in Manhattan. Years / decades in the business
Got me the best rates based on my needs. Very responsive an excellent
Office staff back-up. He let me know Chubb provides Cadillac
Service and coverage but you pay for it. I stayed with Travelers for
My condo insurance since I get a break, also having car ins thru
David also let me know for a small amount I can buy ins against future
I will try to get his # once I get off this page.
David Chin General Insurance
Nice guy and very knowledgeable.
any recs for townhouse insurance?
I use Sandra R. at Coughlin Group (http://www.coughlingroup.com/). They are brokers and sell insurance for several carriers (I personally chose Chubb for the reasons others have mentioned). I've yet to have a claim but have found Sandra and Coughlin very responsive over the last several years. I had several policy changes recently (renters to owners; adding an excess liability policy, etc) and have been very happy with their service.
Also, I highly recommend an excess liability policy. I have a $5 million limit. The difference in cost between $1MM and $5MM is not very much and it makes me sleep better. I hope I will never need it, but it gives me security knowing it is there.
Chubb and Travelers are good solid bets. They both have excellent reputations for personal lines insurance. AIG (Chartis) is like rolling the dice and I don't even know if the rates are lower to compensate.
I disagree that AIG/Chartis is like "rolling the dice". AIG/Charits insurance is and always has been perfectly safe. While there are many people out there who assume because of what happened with AIG's parent company a few years ago that the insurance is not reliable, they are, with all due respect, simply misinformed. The reality is that the subsidiaries that issue AIG/Chartis's insurance policies are insurance companies and as such, are regulated by the National Association of Insurance Commissioners and various other state and federal agencies. Insurance is a highly regulated business and the regulators make sure that all insurers have sufficient reserves to cover potential claims.
Now, you may ask, how is it that AIG went bankruptcy and had to be bailed out by the government a few years back? Because the subsidiary that issued the credit default swaps (which, despite many people thinking of them as insurance-like) was not insurance and was not regulated by the NAIC or other similar agencies. Thus, the AIG credit default swap subsidiary was not required to set aside sufficient reserves or otherwise exercise proper risk assessment as insurance companies do (and as the AIG/Chartis subsidiaries did).
AIG/Charits is as safe as any other top-tier insurance company and your risk of them defaulting on payment is roughly the same as Traveler's, Allstate, Chubb or anything other high-end carrier.
For the record, I am not in any way affiliated with Charits/AIG, do not sell insurance, do not work in the insurance business and have no "dog in the fight". I just happen to understand the realities of what and to whom went wrong at AIG.
Do these recommendations apply for condo insurers as well?? Is HO-6 same same?
wwhat about Statefarm insurance for Co-op/condo? They seem to have all the coverage also.
Can someone advise?
I own a condo and have Chubb.
State Farm is in the same league as Allstate. Not at all the level of protection you get with Chubb. I'm not going to say if you have Allstate or State Farm, you will never get paid (that would be a false statement). However, from what I have read, Chubb (people say Fireman's and a few others are in the same league; I didn't investigate them but have no reason to doubt what people have said above as I assume they know from research or personal experience) is more likely to pay your claim without hassle and not "nickel-and-dime you" on your claim.