Directors & Officers (D&O) liability insurance protects you as well as your association from damages (awards and settlements) and the defense costs resulting from wrongful act allegations and lawsuits. This unique policy offers some of the best enhancements available in the market today! While most companies include some form of D&O in their policies, most of the below coverages are excluded!!!
Condo Specialty D&O Coverage Highlights
- Protects directors, officers, trustees, employees, volunteers and committee members, as well as the community association with a broad definition of claim.
- Has a "duty to defend" feature that provides legal defense for allegations of wrongful acts and covers associated defense costs.
- Provides claims made coverage with reporting of claims "as soon as practicable" after the end of the policy period.
- Provides coverage for monetary and non-monetary claims.
- Covers punitive and exemplary damages where insurable under applicable law.
- Covers lawsuits and allegations involving wrongful termination, discrimination, and general breach of fiduciary duty.
- Provides coverage for an independent community management company.
- Has optional coverage available for the builder/developer while acting as a member of the Board