If you’re the owner of a condominium association and want to effectively protect it financially, wholesale condo association insurance can include a variety of policies that can cover many necessary areas of risk. While every condo complex is different, many share similar dangers which could affect the association and cause costly results. Wholesale insurance programs can give you more bang for your buck by getting most of the major risks you’ll likely be facing covered under the offered policies. Some of these plans may include the following.
Almost every association or business requires a liability plan of some type in order to cover the costs of general damages, losses, injuries and legal fees. Some wholesale condo association insurance may also include umbrella coverage, extending the policy’s reach and adding extra layers of protection for particularly costly situations.
D&O and E&O
Directors and officers (D&O) coverage sees to it that individual members of the board, not just the association itself, has coverage for lawsuits and claims of negligence, harassment and more. However, for cases of errors and omissions (E&O), separate policies are often needed to protect those involved. Finding wholesale condo association insurance that covers both negligence and errors can be vital for protecting an association in this day and age where many lawsuits can be filed, whether warranted or not.