Cooperative Insurance - Co-Op Insurance

Dictionary Says

Definition of 'Cooperative Insurance - Co-Op Insurance'


An insurance for owners of co-op apartments that covers losses to their units. Losses that occur as a result of a burglary, fire damage or liability are covered, among others. Generally, a co-op building provides coverage for common areas such as the hallways, basement, roof, elevator and common walkways. The co-op association's insurance policy protects the building, not the individual apartment owners' apartment, unless the damage occurs as a result of something under the association's jurisdiction.
Investopedia Says

Investopedia explains 'Cooperative Insurance - Co-Op Insurance'


When you buy a co-op apartment, (a housing unit of which you hold a share of the corporation that owns and manages the unit) the building will already have an insurance policy that protects itself and shareholders for claims resulting from lead paint exposure, sewer backups, earthquake damage and other events that might affect the entire building. Cooperative insurance covers claims that affect individual shareholders and the personal belongings inside their units. It is advisable to find out what the building association's insurance policy covers prior to signing up for a co-op insurance policy.

comments powered by Disqus
Hot Definitions
  1. Securitization

    The process through which an issuer creates a financial instrument by combining other financial assets and then marketing different tiers of the repackaged instruments to investors.
  2. Economic Forecasting

    The process of attempting to predict the future condition of the economy. This involves the use of statistical models utilizing variables sometimes called indicators.
  3. Chicago Mercantile Exchange - CME

    The world's second-largest exchange for futures and options on futures and the largest in the U.S. Trading involves mostly futures on interest rates, currency, equities, stock indices and agricultural products.
  4. Private Equity

    Equity capital that is not quoted on a public exchange. Private equity consists of investors and funds that make investments directly into private companies or conduct buyouts of public companies that result in a delisting of public equity.
  5. Valuation

    The process of determining the current worth of an asset or company. There are many techniques that can be used to determine value, some are subjective and others are objective.
  6. Valuation

    The process of determining the current worth of an asset or company. There are many techniques that can be used to determine value, some are subjective and others are objective.
Trading Center