Condo Association Insurance
Condo Association Insurance Information
What is condo association insurance?
The owner of a condominium is responsible for insuring his or individual unit and has a shared interest with the other owners in the building to protect the building as a whole. The condo association handles insuring the building’s exterior structure and common areas. Essentially, condo association insurance provides a blanket of coverage over the whole property.
Who benefits from condo association insurance?
Everyone who owns a condo benefits from condo association insurance. This is why part of the homeowner association fee goes toward purchasing this coverage. Individual condo policies cover personal belongings and interior fixtures. But, the association’s policy covers the roof, foundation and exterior walls. If disaster strikes, this coverage is often vital for rebuilding.
A good condo association policy includes property and liability coverage. There are also additional coverage options available. No two condo associations are exactly alike. We can assess your needs and offer coverage recommendations.
What is Directors & Officers Liability Insurance?
Directors and officers liability insurance covers an association’s directors and officers for claims made against them. Also known as Directors & Officers Liability Insurance, the policy protects against allegations of wrongful acts when acting as facilitators for the association. Wrongful acts may consist of misstatements, errors, breaches of duty and more.
Directors & Officers Liability Insurance is recommended for associations with a board or advisory committee. Many board or committee members may refuse involvement unless this protection is in place.
What are the benefits of Directors & Officers Liability Insurance?
Residents, contractors, and government are able to make claims against a company and its directors. Whether grounded or frivolous, the resulting legal expenses and reputation damage can be extensive. Directors and officers can be held responsible for the acts of an association, which puts their personal assets at risk.
Directors & Officers Liability Insurance protects companies and their officers from criminal, civil and regulatory proceedings from allegations of wrongful acts.
Get started today!
Condo association insurance is essential for managing the building and protecting the people within. Call us for more information, including a free quote to get you started.