Insurance costs have become one of the biggest headaches for New York co-op and condo boards, and umbrella policies are feeling the squeeze hardest. Sophie Bird, senior vice president at IMA Corp., explains why boards today are buying a fraction of the coverage they once did, and what's driving the market to shrink this way. She also reveals a lesser-known path some buildings are using to secure far more protection for far less money, though it comes with strict conditions most people wouldn't expect insurance to care about. Bird shares a real example of a building that made one targeted investment and saw dramatic savings within a year, along with practical advice on the everyday factors that can quietly disqualify a building from the best options. Habitat's Carol Ott conducts the interview.

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