Crime and Fidelity Insurance protects the actual money the Association has in the operating account and reserve accounts. Crime and Fidelity Insurance protects the money from embezzling, check fraud, invoice padding or false invoices, computer fraud and wire fraud. What is the difference between Crime and Fidelity and Employee Dishonesty? The difference is in the [...]
In Parts 1 and 2 of this article, we discussed how the majority of Directors’ & Officers’ (D&O) Liability Insurance policies on the market today exclude the most common lawsuits facing homeowners associations, and the value of having a policy tailored to an HOA. What is “failure to procure insurance” and why does it matter [...]
In Part 1 of this article, we discussed the importance of having a Directors’ & Officers’ (D&O) Liability policy customized to the homeowner association’s needs, as they provide coverage for common claims against HOAs, such as discrimination lawsuits. What are non-monetary claims and why is D&O coverage important? Non-monetary claims are another example of D&O [...]
What is Directors’ & Officers’ Liability Insurance? One of the most important insurance policies in any homeowner association’s financial portfolio is also one of the most overlooked and misunderstood: Directors’ & Officers’ (D&O) Liability Insurance. A good D&O liability insurance policy protects both past and present HOA board members, the property manager, employees, volunteers, and [...]
