Condominium Association Insurance – Directors and Officers Coverage
Can your Board members potentially be exposed to lawsuits?
In one word: YES! Let us help you protect your board members from any potential lawsuits that can be brought on be wrongful acts they may have committed while serving as an officer of the condominium association with Directors and Officers coverage. You may be wondering if volunteer board members can be exposed to a potential lawsuit. Yes, not only their person, but also their assets.
What Kind of Policy will cover my Board members?
It is important to know that any claim made against a board member is covered only if the board member was covered by the policy during the period that the claim is made. There are loopholes to this, and acts that were committed before the board member was covered by the policy MAY still be covered. It is worth a phone call to your Ormond Beach insurance agent to discuss the coverage you have for your board members, and the period that the coverage will consider prior acts committed.
Employment Practices Liability Insurance (EPLI) provides your condominium association with coverage for any claims made by employees in regard to employment termination, harassment, retaliation, and discrimination. These claims can be filed not only by employees, but also individuals volunteering their time, event vendors, and independent contractors.
Don’t skimp on your EPLI coverage – this is the fastest growing type of insurance claim. The cost to fight these claims without the proper insurance coverage can be devastating.
Give one of our Ormond Beach insurance agents a call today to discuss EPLI coverage for your condominium association.