7/99 - BUILDING INSURANCE CHECKUPS -
[Cached Version]
Published on: 10/7/2002
Last Visited: 6/22/2003
According to Robert Eisman of Unilite Insurance (516-328-1700) buildings should carry coverage equal to $75.00 per square foot of "All Risk" (fire, collapse, etc.) insurance and a minimum of two million dollars of liability coverage.
He further advises that "Umbrella" packages of liability of up to one hundred million dollars are available at extremely low premiums.
While one hundred million dollars sounds excessive, they are real numbers given the fact that juries have handed out staggering awards to people injured/killed in buildings.
Robert further mentions that small buildings (under 20 units) can purchase a three year policy, with the premium and coverage locked in. In any event managers are encouraged to shop around in this very competitive market.
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