INTRODUCTION An effective D&O loss prevention program for a non-profit association may accomplish numerous objectives, including: Reducing the liability exposure not only of the directors and officers, but also the association to the extent the association may indemnify losses incurred by management. Improving the association’s ability to recruit qualified directors and officers. Avoiding time consuming,Go to Resource
Maintenance & Insurance Resources
Whether it’s a slip and fall in the community or an upset owner who did not get his architectural request approved, there are numerous situations that can lead to the filing of legal action against an association. And if such association is not adequately insured, a legal action could literally bankrupt a community. So howGo to Resource
A Colorado federal court judge recently issued an important decision addressing community association insurance issues. We expect this decision will assist community associations to secure insurance benefits under liability policies where claims are made alleging inadequate repair and maintenance. Commercial general liability (CGL) insurers occasionally deny any obligation to provide a legal defense or toGo to Resource
Homeowner associations are commonly required by their governing documents to insure common element structures. This is especially true for condominiums where the association insures the majority of the building structures. With the passage of time, building codes and ordinances change to reflect new standards in construction. These changes generally relate to fire safety, structural integrity,Go to Resource
Steps To Safeguard You and Your Association Have your attorney conduct a legal audit/checkup. Have all insurance policies reviewed by your attorney for coverage, as well as compliance with your governing documents. Amend your Articles of Incorporation to limit board member liability for breaches of fiduciary duty. Amend your Bylaws to provide for broad indemnificationGo to Resource