When you are in a leadership position for a condo association, your numerous responsibilities open up just as numerous opportunities for liability. You may face accusations of discriminatory selling, breaching fiduciary duty, or misusing funds, to name a few. Representing others always comes with a risk, so find protection through condo association directors & officers liability coverage. You may do your best to provide fair treatment and fulfill all your duties, but sometimes it only takes one unhappy resident for a lawsuit to ensue. Do not risk the welfare of the association with insufficient insurance.
Perhaps you believe the association already has enough coverage through a general liability policy. However, this only protects the association, not individual directors and officers. Choosing more personalized coverage offers increased financial security for both the association as a unit and each of the members and employees. You can even include trustees, committee members, and volunteers in the plan if necessary.
When it comes to condo association directors & officers liability insurance, you decide how much coverage you need and want to ensure you do not have too much or too little. Each association is as unique as its members and the people it represents. Your insurance policy should be, too, and reflect the specific needs and challenges of your community.