Published: August 31, 2018

Recently we did a post about the type of Community Association Liability Insurance we offered, but now let’s talk about why you want to consider ours if you already have coverage elsewhere. In this post, we talked about the importance of our Lifetime Occurrence Reporting Provision. This is super important to know about if you are being asked to serve on a Community Association board. You want to make sure you are protected for the decisions you made while serving as a representative of the association.

Why you need coverage

  • As a member of the board of your community association, your personal assets are vulnerable based on your decisions and actions enforcing the governing documents, even long after you left the board
  • Over 60% of the claims against the board of a community association are related to non-monetary issues and can generate six-figure defense costs and persist over many years.
  • Community Associations have an annual budget that is often less than the average cost to defend a claim closed by litigation – often beyond the ability of the board to assess members to cover.

What coverage we offer

  • No exclusion for failure to maintain insurance claims (where available)
  • Defense for Breach of Contract Claims
  • Defense cost for non-monetary claims
  • Defense outside the Limit of Liability – the cost to defend any covert litigation will not reduce your limit of liability
  • Lifetime Occurrence Reporting Provision – unlimited report extension for former directors and officers who are not on the board when coverage is cancelled or not renewed.
  • Third Party Discrimination and Third Party Harassment coverage
  • Employment Practices Liability included for no additional premium for 10 employees or less
  • Automatic coverage for Property Management Company as an insured
  • Business Resource Center – free HR hotline with unlimited calls and no time limits plus discounted HR services such as background checks and online HR training modules

Keeping your protected.

Rick

All Access Insurance in Littleton, CO, who represents multiple insurance companies as a “Broker” and provides products for auto, home, commercial, workers compensation, and much more! Call us today for a free quote at (303) 932-1700