Luxury Condos and Co-ops

Nuts & Bolts:
The Chubb Group of Insurance Companies has rolled out insurance packages for the owners of luxury condo and co-op apartments in New York. The policies address coverage gaps created by building associations reducing their commercial insurance limits and increasing their deductibles during the past few years. Masterpiece Condominium Preference and Masterpiece Cooperative Preference provide high limits of property and liability insurance coverage. They include $100,000 in coverage for assessments to all unit owners for incidents that may not be adequately addressed by a building association or its master insurance policy. Separate $10,000 limits apply for assessments resulting from deductibles under the association’s policy. Preference, which also is available in Illinois, is Chubb’s latest offering in the condo and co-op insurance marketplace. Preference offers even higher limits and added coverages. Like Masterpiece Deluxe, additions and alterations extended replacement cost coverage is available for eligible New York residences. Preference includes $25,000 in jewelry coverage, $50,000 in fine arts coverage and $25,000 in silver coverage, written on either a blanket or itemized basis. Other features include $10,000 for off-premises electronic data processing equipment and $10,000 for electronic data restoration, which respond to the theft of laptop computers and personal digital assistants, as well as to the corruption of personal data due to computer viruses. Separate limits of $2,500 are included for both lock replacement and fire department charges.

Deductibles range from $500 to $50,000. The minimum limit is $300,000 for alterations and additions, $400,000 for contents.

Several Chubb Group of Companies members including Federal and Vigilant, all rated “A++” by A.M. Best; admitted in New York.

States Available:
Illinois and New York.