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Category Archives: Insurance

HOA Insurance? What do we need?

The cost of insurance can hamstring an HOA. That’s why it’s important to understand HOA insurance basics so you and your board of directors can intelligently evaluate insurance bids. Here, in part I of a two-part series, we explain how to determine what coverages your HOA must have, how to determine the value of the property you must insure, and extra coverages to consider.

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Board Members Should Be Insured

You may think that since your association has general liability insurance, you’ll be protected if a member sues you and your fellow board members. Not so. General liability insurance protects the association from personal injury and property damage claims. It doesn’t protect board members from claims that their actions have damaged the association or its members.

That’s where directors and officers (D&O) insurance comes in. It protects directors and officers from claims that they failed to act or acted wrongfully in their individual or group capacity on behalf of the association.

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* These articles and related content on this website are provided without warranty of any kind and in no way consitute or provide legal advice. You are advised to contact an attorney specializing in Association Management for legal advice related to your specific issue and community. Some articles are provided by thrid parties and online services. Display of these articles does in no way endorse the products or services of Community Association Management by the author(s).