The directors of a condominium, co-op or homeowners association often think they have all the insurance coverage they need — until they get sued and find themselves on the hook for enough legal fees to land them in bankruptcy court.
Large insurers often offer blanket community association insurance that covers accidents, property damage and other common risks. They also offer Directors and Officers (D&O) coverage for the volunteers who serve on association boards.
Unfortunately, D&O coverage varies dramatically from one insurer to the next. If you’re serving on a community association board, you have to understand:
Volunteering for your HOA board should not be a path to financial ruin. To learn how to protect yourself, download our free guide: 4 Questions You Must Ask About Your Community Association Insurance.