D&O Insurance Options- Help

Hi again. Searching for ideas for D&O insurance companies, options, deductibles, etc, if anyone has gone through this recently. I saw an old post which reflected the limited choices, was hoping for some new updated info. In a nutshell, we are a large association with need for a new insurance carrier due to a single event (no negligence, just typical insane attorney fees). Has anyone encountered a reasonable blend of deductible and coverage, a particular company which is good to work with, self insurance to a certain level/ high deductible, etc. Or other options. Thanks much.

Thanks Cathy. We are an HOA. We’ve had an agent for years, but this year seem to have less options in D&O insurance. I was curious if others had experienced similar problem, and possible solutions (specific company, hi deductible/self insurance to a certain level, etc). I can’t find anything helpful online, and there may not be a a good answer (as others had posted back in 2016). Thanks again.

D&O insurance premiums are going up everywhere. Do your due diligence, shop around including council.

Gerry,
Our HOA insurance was all bought in a bundle so not going to help on what each costs Ala Carte.

I will give you a bit of advice that was passed on to me 30 plus years ago from a Uncle who ran a large Insurance company. He said always have the largest deductible you can afford to pay. This works in Business and also personal. You don't buy insurance to file claims if you do you have the wrong idea. Insurance is for catastrophic issues. If you see how much you will save by raising your deductibles by double and you will be shocked. HOAs should be disciplined enough to setup a reserve for future claims to cover the deductibles at a minimum. I bet the time between your recent claim and the one before that was a while. In Ca. the entire 8 years I was on the board we had no claims. I brought this up to our board as treasurer and we save thousand on premiums over those years.

Self Insurance is crazy to even consider and not a good Fiduciary decision. When you are shopping ask for the discounts for higher deductibles. You will be a much more attractive customer if you have a high deductible verses a 100 or 500 deductible. If you have over 500 to 1000 units I would be looking at $5K or 10K deductibles. Even if you have a smaller claim be willing to write the check. Actuarial departments at Insurance companies cancel people and companies very quickly these days. This is also why you may be having trouble getting interested carriers to give you quotes.

Can’t recall our deductible, but our small voluntary HOA of 189 single family houses with a one acre park and some benches - D&O and Liability is about $850 per year.

This is similar to your auto policy carrier not renewing.
You were dropped.
Therefore, you are considered high risk by every other carrier and will have to pay a higher premium for a few years before your risk factor goes back to normal.