Insurance guidelines for NYC reno

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Hi BP.

I am considering renovating my coop in NYC. My coop board gave me insurance guidelines which had requirements for umbrella insurance in addition to general liability. I expected general liability, as I've had to submit COI to the building before for other work, and the requirement I was given was to have general liability up to a certain amount. My contractor also has general liability insurance, so no issues there. 

I did not, however, expect umbrella insurance. My contractor also doesn't have it. 

1. How common is umbrella insurance as a requirement in NYC coops? 

2. My contractor doesn't have umbrella insurance. Is that a bad sign? Perhaps not experienced?