Co-op and condo building insurance for boards and managing agents.
Boards carry responsibility for the building, its residents, and its finances. We help you organize the master policy, board coverage, and liability limits, and keep renewals on schedule.
What co-op and condo building insurance covers.
A co-op corporation or condominium association typically buys a master policy that insures the building and common property, along with general liability for the common areas. Most buildings also carry directors and officers liability for the board, an umbrella, and often equipment breakdown and crime coverage.
In a co-op, the corporation owns the building and shareholders hold proprietary leases. In a condo, unit owners own their units and share common elements. In both, the governing documents, such as the proprietary lease, bylaws, or declaration, define where the building’s responsibility ends and the unit owner’s begins.
Co-op insurance in NYC often involves larger buildings, older systems, and a managing agent who coordinates certificates and renewals. Coverage is always subject to the terms, conditions, and exclusions of the actual policy. Your policy wording controls, and we are glad to walk through it with you.
The pieces we review with you.
Master property
The building and common property. Depending on the governing documents, it may or may not include original or improved fixtures inside units.
Building liability
Covered claims arising from lobbies, hallways, elevators, roofs, sidewalks, and other common areas the corporation or association controls.
Directors & officers
Covered claims alleging wrongful acts by board members in their decisions, such as disputes over sales, repairs, or assessments.
Umbrella liability
An additional liability layer above the primary policies, which many boards and lenders on underlying loans expect.
Crime and fidelity
Protection against covered theft of building funds by employees, board members, or a managing agent, subject to the policy terms.
Equipment breakdown
Sudden breakdown of boilers, elevators, and electrical systems that keep the building running.
Master policy, unit owners, and the board.
Unit-owner policies, often called HO-6 policies, are the other half of the picture. They can cover a shareholder’s or owner’s improvements, personal property, personal liability, and loss assessments. Many boards require residents to carry one, and a clear explanation from the board reduces confusion after a water leak.
Managing agents keep the workflow moving: collecting vendor certificates, issuing certificates for lenders and buyers, tracking renewal dates, and reporting claims. We work with the board and the managing agent together so the renewal timeline and board approval process are planned rather than rushed.
Common gaps and lender requirements
- Uncertainty about whether the master policy covers unit interiors.
- No D&O coverage, or D&O limits that have not been reviewed in years.
- Contractors working on the building without proper certificates.
- Residents without unit-owner policies when the governing documents require them.
- Underlying mortgage requirements on the building not checked at renewal.
What to have ready for a quote.
- Current declarations pages for all building policies.
- Number of units, stories, and commercial spaces, and year built.
- Governing documents’ insurance sections.
- Recent capital improvements and planned projects.
- Five years of loss history and the managing agent’s contact.
How Ocean Blue helps
We can present options to the board in plain language and explain the differences between them. As an independent brokerage, we can approach more than one market for the building.
Throughout the year, we coordinate with your managing agent on certificates, policy changes, and claim reporting. We are happy to speak at a board meeting if it helps the discussion.
Explore related coverage: our landlord insurance overview, apartment buildings, mixed-use buildings, and Queens & Rockaway service.
Back to landlord insuranceYour questions, answered.
Insurance shouldn’t leave you guessing. Here are a few things you may want to know.
What does co-op building insurance cover in NYC?
A co-op master policy typically covers the building, common property, and liability for the common areas. Many co-ops add D&O, umbrella, equipment breakdown, and crime coverage. The proprietary lease and policy wording define the details.
What is the difference between a master policy and an HO-6 policy?
The master policy belongs to the corporation or association and insures the building and common areas. An HO-6 policy belongs to the individual unit owner and can cover their improvements, belongings, personal liability, and loss assessments.
Does a co-op or condo board need D&O insurance?
Many boards carry it, because board members can face claims alleging wrongful decisions. D&O coverage can respond to covered claims and defense costs, subject to its terms and exclusions.
Who pays for water damage between units?
It depends on the cause, the governing documents, and the policies involved. Both the master policy and unit-owner policies may play a role. We help boards and residents understand their own responsibilities.
How often should a board review building insurance?
At least at every renewal, and whenever the building completes a major project, changes managing agents, or refinances. Starting the renewal review early gives the board time to compare options.
How do we get a quote for our co-op or condo building?
The board or managing agent can upload current declarations pages with the Magic Box on this page, or call 718-709-5000. Adam or Peter will follow up with questions about the building.
In our clients’ own words.
Upload your current policy. We'll take it from there.
Drop in your declarations page or current policy — PDF, photo, or screenshot. Adam or Peter will review it, shop the market, and get back to you. No long forms.
- Upload your dec page
- We review and shop it
- Adam or Peter calls you with options
Talk to Adam or Peter.
Tell us what you're building or buying. One of us will walk through what you need.