Condo Association Insurance Programs > Directors & Officers
In any situation where you’re representing another person or group of people, there is the chance that they could be dissatisfied with how you represent them, leaving you in danger of claims and lawsuits. This is where Directors & Officers Liability insurance comes into play, as it will guard a condominium association and its directors and officers against claims of wrongful acts. Every business should have a D&O policy, but these policies are particularly important for condominium associations as they frequently see individuals acting on behalf of their association and their residents, and they have a wide range of responsibilities that expands their exposures.
There is a near-endless list of things that could potentially lead to a lawsuit for directors and officers of a community association. Overall, the main thing that directors and officers need to be mindful of is how their residents and employees feel they are being treated; if they feel that they are being treated unfairly or that the directors and officers are not fully performing their duties, they could be moved to file a suit. Here are some of the most common causes of D&O claims (all of which we provide coverage for):
- Breach of fiduciary duty
- Breach of contract
- Discrimination (in terms of employment as well as who is sold condos)
- Employment practices liability
- Wrongful foreclosure
- Misuse of funds
One last detail to remember is that a condo association is likely to already have a general liability policy that can protect the association as a whole, but many policies of that nature only cover the association, which means that individual board members could be left unprotected. Because of this, it is important for condo associations and their members to all be fully aware of who is and is not covered under existing policies, and to explore other options to provide everyone with individual coverage, as this will be better for the association.
At Kevin Davis Insurance Services, we protect the association as well as its individual board members from claims of wrongful acts, and offer some of the best enhancements available in the market today. The policy, in addition to covering the association and its members, provides legal defense, coverage for monetary and non-monetary claims, and coverage for insurable damages.
Our policy is also not restricted to just the association and its directors and officers: we cover trustees, employees, volunteers, and committee members as well. Because of this, there won’t be any confusion about whether the policy extends to an individual: the association and its individuals are protected.
About Kevin Davis Insurance Services
For over 35 years, Kevin Davis Insurance Serviceshas built an impressive reputation as a strong wholesale broker offering insurance products for the community association industry. Our President Kevin Davis and his team take pride in offering committed services to the community association market and providing them with unparalleled access to high-quality coverage, competitive premiums, superior markets, and detailed customer service. To learn more about the coverage we offer, contact us toll-free at (877) 807-8708 to speak with one of our representatives.