As a director of a condo association, you face many questions and concerns daily. You must know your responsibilities and expectations in and out in order to execute them to the satisfaction of the community. Any misstep, intentional or not, and you may find a lawsuit on your hands, affecting not only you but also the entire association. One of your top concerns should be searching condo association directors insurance programs to find a policy that will thoroughly protect you and others from the consequences of wrongful acts.
As you shop around, you need to know what type of coverage you need. You are exposed to a lot of legal risks in your position, and your policy must include them all. First is directors & officers liability coverage for the association and individual directors to handle claims against your operations, such as negligence, breach of contract, and wrongful foreclosure. You may also benefit from the addition of errors & omissions insurance for areas that the directors & officers policy does not cover. Consider including commercial umbrella liability, as well, for protection in the event of a disaster.
These are only a few of the policies you may find in condo association directors insurance programs. You may require others based on the needs of your association.