<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=1061566567187268&amp;ev=PageView&amp;noscript=1">
Skip to content

How can condo association use insurance proceeds?


Question:

In New York State, a Condo Association, where the By-Laws state "In a casualty the building is responsible for the prompt repair, and prompt repair refers to within 60 days back to the original materials of a unit.  Can the Board of Managers or the Management Company use Sworn Proof of Loss insurance proceeds from a Casualty Claim to a owners condo that is a unlivable unit for any expense other than forwarding to proceeds to the owner for the owner to make the repair. Is there a time limit on how long the BOM or the MC can withhold the insurance proceeds, when the bylaws state "prompt repair is 60 days?"


Answers (14)

What are your thoughts on this topic? Please share your answers below. We ask that you remain respectful of each other, and be advised that responses are monitored.