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The Shareholder is responsible to secure and maintain adequate casualty and property insurance for their own apartment. Part of this insurance is for liability claims arising out of the Shareholder’s negligence and should be written by your own insurance professional so as to cover claims arising from either bodily injury or property damage in a minimum single limit of THREE HUNDRED THOUSAND ($300,000) DOLLARS. In no way is the suggestion of $300,000. deemed to be adequate limits, but rather only a minimum required. You should discuss the adequacy of these limits with your insurance professional.
The Shareholder must also insure his personal belongings, contents, improvements that are physically made and fixtures in this apartment, in an amount equal to whatever the Shareholder estimation is of their property, furniture, additions and fixtures within the apartment. The type of coverage utilized should also be discussed with the insurance professional, seek an HO-6 policy. Make sure the agent understands that this is not a condo, but a co-op, which is insured differently.
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