Insurance For Cooperative/Condominium Associations

"Mackoul & Associates is one of the premier agencies insuring cooperatives and condominiums.  We are happy to rely on their knowledge to protect our interests and the interests of our clients."

-Gerard J. Picaso,President 
  Gerard J. Picaso, Inc. 
   New York, New York  

For over 25 years, Mackoul & Associates, Inc. has been recognized as a leader in the insurance for Cooperatives, Condominiums, their  Boards, Managing Agents and Residents. We currently insure over 700 Cooperatives & Condominiums in the New York Metropolitan area and offer custom designed insurance programs for ALL SIZE Associations.

 

Click on any of the categories below to find more information on the following products.

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Insurance For
Cooperatives and Condominium
Associations

For over 25 years, Mackoul & Associates, Inc. has been recognized as a leader in the insurance for Cooperatives, Condominiums, their Boards, Managing Agents and Residents. We currently insure over 700 Cooperatives & Condominiums in the New York Metropolitan area and offer custom designed insurance programs for ALL SIZE Associations.

We are the exclusive program managers for The "Smart Program" - a comprehensive insurance policy for small to medium size Cooperatives and Condominiums with 100 units or less. However we also represent a multitude of national and regional insurers that specialize in Real Estate. Let us provide your Cooperative or Condominium with a review of your existing coverages for adequcy and costs. Our services include:

We can help you as we have helped so many other cooperatives and condominiums.

Cooperative & Condominium Property Coverages Include:Mackoul & Associates Inc.

  • Buildings:All Risk, Replacement Cost Valuation, Agreed Amount Option, No Coinsurance Clauses.
  • Contents: All Risk Including Theft, Replacement Cost Option, No Coinsurance Includes Property Of Others.
  • Business Income: Rental/Maintenance Fees: All Risk Including Extra Expense, Other Income Due To A Covered Claim.
  • Flood Coverage: For The Building, Association Contents, From Surface Water That Overflows From Natural Bodies Of Water. Deductible applies.*
  • Earthquake: Includes Building, Association Contents, Deductible applies.*
  • Back-up Of Sewer & Drains: Includes Building, Association Property, Includes Water That Seeps Or Leaks Into The Building, i.e. Sewer Back-up & Burst Water Mains. Up to Building Limit.*
  • Ordinance Of Law: Covers Increased Cost Of Construction Including Demolition To Meet City Or Local Ordinances.
  • Other Coverages: According To Policy Form

Comprehensive General Liability:

  • Occurrence Limit Of $1,000,000
  • Aggregate Limit Of $2,000,000
  • Non-Owned/Hired Auto Liability Of $1,000,000
  • Medical Payments (per person) To $5,000

These Coverages Include:*
• Premises Liability • Products & Completed Operations • Contractual Liability •Incidental Medical Malpractice • Host Liquor Liability • Water Damage Legal Liability • Broad Form Property Damage • Personal Injury Liability (Incl. Libel, Slander, False Arrest, Malicious Prosecution & Defamation Of Character)

*The coverage information outlined herein is a guideline only; refer to the actual policies for full terms, conditions, exclusions, and limitations.

For information regarding Cooperative & Condominium Associations Insurance or other coverages that may not be listed, email us at info@mackoul.com.

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Directors & Officers Liability Insurance

  Do you know the risks? Take our test & see.

Mackoul & Associates, Inc. recognizes the vulnerability to litigation that Board of Directors, officers, committee members and volunteers of a Cooperatives and Condominiums face in today’s litigious society. Fortunately Board of Directors and their Property Managers can obtain from Mackoul & Associates, comprehensive coverage through a variety of outstanding insurance carriers to protect their interests. Comprehensive Directors & Officers liability insurance will provide coverage for:Mackoul & Associates Inc. 

  • Directors
  • Officers
  • Committee Members
  • Volunteers
  • Trustees 
  • Employees
  • Property Management Firm in connection with their duties to the insured

Coverage Highlights Include:

  • Broad definition of wrongful acts, including: any error, misstatement, misleading statement, act, omission, neglect or breach of duty actually or allegedly committed or attempted by the policyholder or any insured individual in their capacity.
  • Negligence
  • Mismanagement
  • Wrongful termination
  • Self Dealing
  • Housing Discrimination
  • Violation of employment laws
  • Sexual harassment
  • Discrimination
  • Wrongful failure to employ or promote
  • Wrongful discipline
  • Wrongful deprivation of career opportunity
  • Negligent evaluation
  • Retaliation
  • Failure to provide adequate work place policies or procedures
  • Protection for monetary damages
  • Defamation of Character
  • Declaratory Relief or Judgement
  • Injunctive Relief 
  • Duty To Defend

*The coverage information outlined herein is a guideline only; refer to the actual policies for full terms, conditions, exclusions, and limitations.

For information regarding Directors & Officers Liability Insurance or other coverages that may not be listed, email us at info@mackoul.com.

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Crime & Fidelity Insurance

The Crime & Fidelity insurance is designed to provide coverage to Cooperative & Condominium Associations for:

  • Employee Dishonesty - Coverage includes Employee Dishonesty coverage with limits available to $1,000,000 (greater limits considered upon request).
  • Money & Securities
  • Forgery & Depository
  • Theft, Destruction and Disappearance (premises and transit)

Three-Year Policy Option
Three-year policy option available with coverage limits up to $500,000.

Non-Compensated Directors and Officers
The policy covers non-compensated directors and officers.

*The coverage information outlined herein is a guideline only; refer to the actual policies for full terms, conditions, exclusions, and limitations.

For information regarding Crime & Fidelity Insurance or other coverages that may not be listed, email us at info@mackoul.com.

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Environmental Insurance

Pollution is specifically excluded or limited under the General Liability section or in General Liability policies. Leaks from fuel tanks both above and below ground are expensive to remediate and can subject the tank owner to large third party lawsuits.


Coverage Includes:

  • $ 2 Million limit of liability including on and offsite cleanup expenses.
  • Spills occurring during routine filling of the tank. 
  • Gradual and accidental spills from the tank system.
  • Any necessary corrective action to clean up the contamination.
  • Compensation for bodily injury and property damage to third parties for which the injured is legally obligated to pay.
  • Legal defense where it is needed for the above situations.
  • Restoration of property, such as a parking lot, in the event it must be removed to cleanup the contamination.
  • Lead paint liability available as part of policy.

Qualifying Classes Of Business For Pollution/ Environmental Liability:

  • Cooperatives, Condominiums, Apartment Buildings, Garden Apartment Complexes
  • Commercial and Office Buildings
  • Hotels
  • Schools
  • Insureds utilizing above or below ground storage tanks

*The coverage information outlined herein is a guideline only; refer to the actual policies for full terms, conditions, exclusions, and limitations

For information regarding Environmental Insurance or other coverages that may not be listed, email us at info@mackoul.com.

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Sponsor/Investor Coverage

Sponsor or Investors who own four or more units in Coop/Condominiums require special coverages to protect their interests. Mackoul & Assoc, Inc. is able to provide a comprehensive plan to protect the Sponsor/Investor against claims that arise for property & liability with their units.

Below is a brief list of coverages available to Sponsor/Investors in Commercial Business Owners policy:

  • Property Coverage includes Loss of Business Income (Rents)
    Coverage includes improvements and alterations within the unit done by the sponsor, 
  • Comprehensive General Liability Coverage
    Premises Liability, Products & Completed Operations, Contractual Liability,
    Incidental Medical Malpractice, Host Liquor Liability, Water Damage Legal Limit, Broad Form Property Damage, Personal Injury Liability-Including Libel, Slander, Defamation of Character, False Arrest and Malicious Prosecution.

Additional Coverages that are available:

  • Commercial Umbrella/Excess Umbrella Policy

*The coverage information outlined herein is a guideline only; refer to the actual policies for full terms, conditions, exclusions, and limitations.

For information regarding Directors & Officers/Crime Liability Insurance or other coverages that may not be listed, email us at info@mackoul.com.

 
Commercial Umbrella/Excess

Mackoul & Associates Inc.

Today’s court rooms are “flooded” with lawsuits. Mackoul & Associates, Inc. recognizes the vulnerability Real Estate Owners face in the event a large liability loss or award that exceeds the basic limit of coverage. Mackoul & Associates, Inc. provides high limit Commercial Umbrella liability coverages for real estate through risk purchasing groups (RPG) that insure these exposures. Commercial Umbrellas extend coverages up to $200,000,000 and are a critical insurance requirement for Real Estate Owners, Cooperatives and Condominiums.
 

Mackoul & Associates Inc.

 

Limits Available:

  • $  5,000,000
  • $ 10,000,000
  • $ 15,000,000
  • $ 25,000,000
  • $ 50,000,000
     
  • $ 75,000,000
  • $100,000,000CLICK TO ENLARGE.
  • $200,000,000

Eligible Classes:

  • Cooperatives & Condominiums
  • Apartment Buildings
  • Garden Apartment Complexes
  • Homeowners Associations
  • Commercial and Office Buildings
  • Senior Housing
  • Student Housing
  • Hotels

 

 *The coverage information outlined herein is a guideline only; refer to the actual policies for full terms, conditions, exclusions, and limitations.

For information regarding Commercial Umbrella coverage or other coverages that may not be listed, email us at info@mackoul.com.

 

 
Systems Breakdown/Boiler & Machinery

Mackoul & Associates Inc.
With technology performing many tasks in today’s world, equipment breaking down can be a large financial burden in many ways. This can consist of the cost to repair the equipment, the interruption of your business, and your lost income and extra expenses. This is the protection you need should a loss occur to avoid financial disaster.

Our comprehensive coverage provides protection against equipment mechanical breakdown for:
  • Boilers, central air conditioning systems, elevators and condensers 
  • All other covered equipment and machinery*
  • Provides property damage coverage for explosion of pressure vessels*

This insurance also provides coverage for:

  • Property Damage
  • Business Interruption/Loss of Income/Extra Expense
  • Newly acquired locations
  • Perishable Goods, Computer Equipment, Demolition & ICC, Expediting
    Expense, Hazardous Substances or CFC Refrigeration.*

*Certain Conditions Apply

*The coverage information outlined herein is a guideline only; refer to the actual policies for full terms, conditions, exclusions, and limitations.

For information regarding Systems/Equipment Breakdown/Boiler & Machinery Insurance or other coverages that may not be listed, email us at info@mackoul.com.

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Mackoul & Associates Inc.
214 West Park Avenue 
Long Beach, NY, 11561
Phone: (516) 431-9100
Fax:      (516) 431-4641

E-Mail: info@mackoul.com