Insurance Programs for the Planned Unit Development (PUD) Market

Today, many are taking the opportunity to live in a planned unit development (PUD) in order to save money. Where PUDs differ from condominiums is that condo owners do not own the land they live on and leave repairs and insurance to their property managers. In PUDs, however, residents own the land that their residence is on, and all common areas are jointly owned by residents of the complex. PUD owners are members of a homeowner’s association and pay a HOA fee to cover maintenance of common areas, but they are responsible for their own dwelling. So while PUD residents do take care of some of their own needs, property managers of planned unit developments still have liabilities that they need to address in their insurance plans in order to protect themselves and their residents and take care of all common areas and amenities. In addition to the coverages listed below, Kevin Davis Insurance Services also offers Errors & Omissions coverage to protect the association from allegations of poor management and Workers’ Compensation to cover employees and independents working on behalf of the association.

Directors & Officers Liability Insurance

For a community association, Directors & Officers insurance is one of the most important types of coverage to have. Our D&O policy will protect PUD associations from a wide range of management liability concerns stemming from claims of wrongful acts. Our policy protects directors as well as employees, volunteers, and committee members of the association, provides monetary and non-monetary coverage, covers lawsuits, and will extend this coverage to outside workers when they are acting as association members. As the most common suits against community associations stem from residents feeling that management has not done its job properly, this coverage will be imperative in protecting the association.

Crime Insurance

Though many community associations feel that they would not be a target for crime, unfortunately that is not the case. Whether it is crime committed by employees or crimes committed within the property, Kevin Davis Insurance Services has the Crime coverage to ensure that the association will be covered in the event of loss of money, securities, and other property. The policy covers employee dishonesty, forgery, theft within the premises, computer fraud, and more. This coverage will ensure that one act of theft will not cause the association to cease operations, thus keeping the residents safe and happy.

Commercial Umbrella Liability Insurance

PUD residents may insure their own property, but the common areas and amenities are still the association’s responsibility, and you never know when a catastrophe could strike. Our Umbrella policy will raise the coverage limit on an association’s existing liability insurance policy to provide additional coverage in the event of catastrophic loss. This will allow the association to more easily bounce back after a heavy disaster, and the association will be able to more easily help the development and its residents go back to normal. This policy will take the individual association’s current policy limits and individual needs into account, and can cover high-rise associations or developments.

Cyber Liability Insurance

An association may not seem like the ideal target for a hacker, but in fact it can be quite appealing: community associations keep a variety of personal information such as Social Security numbers, credit card information, bank account and routing numbers, and email addresses. Adding on the fact that many associations likely do not have the same cybersecurity measures in place as large corporations, and a PUD association could easily find itself being breached. Our Cyber Liability policy covers a variety of types of cyber theft, and will help an association to quickly recover from a breach through covering credit monitoring, notification, regulatory fines, defense for legal claims, crisis management and public relations, and cyber extortion. These measures will help a PUD association to quickly shut down a breach and keep its residents feeling safe and secure.

About Kevin Davis Insurance Services

For over 35 years, Kevin Davis Insurance Services has 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.

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