If you are a director or officer of a condominium board, your top priority is likely to ensure that everything runs smoothly in your neighborhood. As a member of the community, you choose to volunteer your time to help your neighbors and friends live in a well-run community.
Unfortunately, working on a condo board comes with a certain amount of risk. Directors and officers of condo boards can be sued at any time for alleged wrongdoing on the part of the organization. These lawsuits can easily end up being tens of thousands of dollars and are not things to be taken lightly. Luckily, you can purchase condo board insurance to help cover your back.
Directors’ and Officers’ Insurance
Directors’ and Officers’ insurance can go a long way towards protecting the assets of members of condo boards. It can pay for things like defense fees, damages, and settlements if you are found to be at fault.
What Could You Be Sued For as a Condo Board Member?
There are many things that could lead to a lawsuit for directors and officers of a condominium board. Some of the most common reasons are:
- Misuse of funds
Being on a condo board is not always easy and can come with a certain amount of risk. Condo board insurance can make all the difference.