To many, owning a home is the epitome of the American Dream, and purchasing a condominium is the perfect realization of that dream. Because condo associations take care of grounds, building, and amenity maintenance, your residents can pass on much of this responsibility to you. Responsibility comes with risk, and looking to the condo association insurance market can help relieve some of the stresses associated with site management.
There are many sources of potential disaster that face any home, and managing a group of condominiums compounds the issue. When the unthinkable happens, many residents will look towards the condo association for help. Commercial Umbrella Liability insurance can give you the opportunity to provide aid to your residents, while Errors and Omissions coverage protects you while you do so.
When there are claims against individual members of the organization instead of against the association as a whole, officers can rely on Directors and Officers Liability coverage to protect their interests. Even in the best of circumstances, issues regarding harassment, negligence, and even employment practices can arise, and knowing that every member of the association is insulated offers peace of mind.
Being the organization that residents turn to for both fault and protection puts pressure on your condo association to do succeed. Thankfully, the condo association insurance market gives you the tools you need to remain secure and help fulfill your residents’ dreams.