certificate of insurance faqs
Why do I need to provide insurance for day-to-day work?:
A certificate of insurance (COI) is a document from an insurer that shows the coverage a company has, including their policy numbers, effective dates, and policy limits. Most condominiums and cooperatives in New York City require a certificate of insurance from any company coming into the building to do work, no matter how big or small. A COI is a necessary precaution to help protect both the homeowner and the building against liability should there be an accident during the course of work
How can I get a copy of the building’s master insurance for my mortgage lender?
When you are purchasing or refinancing an apartment in a condominium or cooperative, your mortgage lender will likely require proof of insurance from the building, or the master policy. If your lender is requesting proof of insurance for your building, please have them complete the following form.
Do I need homeowners' insurance, and what coverage do I need?:
The building will have insurance that typically covers the structure itself as well as the common areas. However, this insurance usually will not cover the inside of your apartment. If you own an apartment in a condominium or cooperative, your building likely has specific requirements for the type of insurance you are required to keep for your apartment. Check your Offering Plan or your House Rules for the policies and policy limits that your building requires.