15
May
11

Do Community Associations Need Proper D & O Coverage?

Directors and Officers liability coverage insurance is needed so Board members don’t worry about their personal assets being at risk. Board members volunteer their time. They take on the responsibility to make decisions for the association. Board members are required to interpret the association’s governing documents. They have a fiduciary duty to make decisions that they believe to be in the best interest of the association.
Even with the best intent sometimes these decisions can lead to lawsuits alleging breach of contract.
A good D & O policy will protect the homeowner association Board members. Have your insurance agent meet with the Board and review the D & O coverage so eveyone sleeps at night….

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