The final installment of our Three Part Building Insurance Primer Series focuses on crime, employee dishonesty, environmental policies, workers compensation and NYS Disability. See below for an overview of these coverage topics and how they pertain to insuring your building.
Crime/Employee Dishonesty/Fidelity Bond
This coverage provides for theft of the building’s funds or personal property by an employee or board member. Coverage can usually be endorsed to include theft by an employee of the property management firm.
An environmental policy can be extremely broad and provide coverage for all types of pollution claims, including lead paint and asbestos, or it can be limited to clean-up costs and any liability claims resulting from an oil leak. Having an environmental policy is a must, especially if you have an underground storage tank.
Workers Compensation & New York State Disability
Workers Compensation and New York State Disability are both required by New York State in the event there are employees on payroll. Workers Compensation provides coverage for an employee who is injured or becomes sick on or as a result of the job. The premium is based upon payroll and job classification. Disability provides coverage for an employee who is injured or becomes sick off of the job. The premium is based upon the number of employees and the gender of each.
Don’t forget to check out Part 1 and Part 2 of Mackoul’s Building Insurance Primer!
Content written by Edward J. Mackoul, President of Mackoul & Associates, Inc.