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Question for the Money Doctors

Question submitted on Jun 20, 2013.

Question

I am a shareholder in Trousdell Village Co-op in NY. I have always had a personal insurance policy but recently, the Homeowner''s Association is requiring that they be named as an insured. My insurance company, Travelers, says that cannot be done due to conflict of interest issues pursuant to the definition of an insured on the policy. What is the law on it? P.S. the board and property mgrs are notorious for making up the rules as they go!!!

Answer

Hi, thank you for the question - I''m afraid that I can''t help you out much though. I recommend talking to a qualified property casualty insurance agent or consultant in your area about this issue. Most likely, the insurance company is correct but you should verify that from an independent source.


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