As the Educational Community for Homeowners states, just as a family wants to protect their family members, a community association, particularly a homeowners’ association, needs to ensure that they are able to protect their association and residents in the event of disasters. Because HOAs are responsible for complying with state law, maintaining common areas, budgeting, fiduciary duty, and many more responsibilities for the association as a whole, they have a number of exposures. At Kevin Davis Insurance Services, we specialize in providing coverage for community associations, and we offer a wide array of coverage specifically designed for homeowners’ associations to address their unique needs.
Directors & Officers Liability Insurance
Much like condominium associations, HOAs should absolutely have Directors & Officers (D&O) coverage in order to protect the association from allegations made against the board members and the association. As many claims against HOAs are non-monetary (for example, a claim that the board did not procure adequate insurance coverage for the association), it is important to have a comprehensive policy that will address monetary and non-monetary claims. Our D&O policy for HOAs will protect the association from a broad range of claims, damages, lawsuits, and allegations.
Some community associations may feel that they are secure against theft and crime, or that no one would think to steal from a community association, but associations like HOAs can and do fall victim to a number of types of crime, and we provide Crime coverage to HOAs and their managers for a wide range of risks. We protect associations against losses of money, security, and property, as well as from cases of employee dishonesty, forgery, and fraud. We have seen an increasing incidence of breaches involving electronic funds and wire transfers in community associations, and we understand how to protect associations from these newly emerging risks.
As you have likely seen in the news, cyber attacks and data breaches are growing increasingly common, and they have the potential to wreak havoc for organizations throughout every sector. As HOAs likely have a wealth of unit owner and community member information located in their servers, they can be an appealing target to cyber attacks. Our Cyber Risk policy will protect an association in the event of a breach or network security loss by covering regulatory fines, credit monitoring and forensics, extortion, defense from claims, and crisis management after the fact. Cyber theft comes in many forms, and we understand how to cover them all to minimize loss.
Even if an HOA does not technically have “employees”, Workers’ Compensation coverage is crucial in the event that a volunteer or an individual is working on behalf of the association and incurs some form of injury. Our Workers’ Compensation policy will cover losses for any non-compensated individuals working on behalf of the association, and, as an added benefit, will encourage individuals to participate in their community by providing coverage and compensation for potential injuries.
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.