Being a part of a condo association can be a point of great pride in your life. There is a sense of fulfillment that can come along with helping others find the perfect community to join and being a part of the guiding force of your association. Naturally, there are also going to come times when you and other members of the association start dealing with troubles you didn’t anticipate. From accidents to omissions, it is absolutely vital you have sensible insurance in order to reduce the impact such problems have on your business.
Understand D&O Coverage
When approaching condo association liability insurance, there are several key points of which to remain mindful. For one, you and the other members of your condo association want to make sure you protect yourselves. Directors and officers are often left out of standard insurance policies, meaning anyone who falls into such categories should be sure to look at D&O coverage. Protection for directors and officers allows you the chance to stay safe no matter what. Other policy options include:
- Breach of contract coverage
- Wrongful closure coverage
- General liability protection
Assess the Risks
Though there are plenty of serious risks to think about when you’re in charge of running a condo association, covering yourself should always be a priority. Take time to review how D&O insurance works with condo associations and get a better feel for how you can get started.