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D & O Insurance / HOA

Started by MarcoS2 • 10 replies • 543 views

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MarcoS2 (Washington)
Posts: 27
Posted:

hi all ....our 3 member Board (non compensated, 93 lots, 77 owners) want to secure D & O insurance .....can you folks kindly pass along any recommended insurance companies who have been in the D & O insurance business a long time / who offer D & O insurance .....definitely taking recs on companies you all give high marks to ......thank you big in advance !
TimB4 (Tennessee)
Posts: 21,059
Posted:
Marco,

If you recall, the posting rules do not allow the mentioning of names or companies.

If you provide an email, I'm sure you will get some responses.

Perhaps set up a specific email for that purpose from those companies that offer free email services.
MarcoS2 (Washington)
Posts: 27
Posted:

my apologies ladies & gentlemen, Tim pointed out the Rules, and my bad for asking for company names .....our HOA email = [email protected], please feel free to send info & recs there for the D & O insurance company we are seeking, THANK YOU
JeffT2 (Iowa)
Posts: 880
Posted:
D & O insurance is often included or available from your regular insurance company. Why not get it from them? Maybe you already have it in your insurance package.
MarcoS2 (Washington)
Posts: 27
Posted:
not sure for how long, but this HOA & Board have been operating with "zero" insurance for many years, decade perhaps ....no HOA insurance, no D&O insurance, nothing .....I've been Architectural Committee for just going on 2 years, and we have only lived in this HOA for 3 years so no telling if either insurance policies were in place previously, from 1969 on .....previous Board members would know ....
BillH10 (Texas)
Posts: 1,217
Posted:
No property or liability insurance? My advice to you is to resign immediately until Property, Liability, and D&O Insurance policies are in effect. Every owner has massive financial exposure in the event someone is injured on the property.

What this Board is doing is similar to playing Russian Roulette with one chamber in the pistol without a bullet instead of the other way around.
MarcoS2 (Washington)
Posts: 27
Posted:

clarification: I am Architectural Committee member, our Board is 3 person: President, Secretary, Treasurer .....there are 93 lots, 78 owners, 71 homes .....nobody's resigning, we simply want to get D&O insurance .....personal liability is that of each homeowner's insurance coverage, if not on someone's property in our community, it's county property ....our CC&Rs, By-Laws and Articles Of Incorporation (from 1969) dictate no mandatory HOA or D&O insurance, nor does WA State HOA law, but our newly elected Board wants to get the D&O insurance ....
BillH10 (Texas)
Posts: 1,217
Posted:
Thanks for the clarification. I fully support the notion of D&O Insurance for the Board. Some of the properties we manage are approaching 40 years old, the governing documents are that old and do not mention D&O insurance either but the Boards have had D&O insurance in place for some time.

Personally, as owners in an HOA we will not serve on a Board which does not have D&O insurance. As owners of a property management company, we will not take on a client which does not have D&O insurance in place and will terminate our contract if a Board cancels the coverage.
MarcoS2 (Washington)
Posts: 27
Posted:

thanks Bill, and absolutely understood: our Board wants the D & O coverage ASAP .....any recs for companies? if so, please email me at [email protected]
BillH10 (Texas)
Posts: 1,217
Posted:
Marco

My recommendations are:

1. Ask your personal property insurance agent who they recommend you call. In our experience, D&O policies are obtained by the commercial insurance agencies we use to obtain property and liability insurance for our clients.

2. There probably is a CAI chapter in Washington. See if you can find the website or contact information as insurance agencies which serve the HOA and condominium market often are members and advertise. Or, the CAI people may be able to refer you to someone.

3. A simple Google search may help: "D&O insurance in Washington" may be all you need.

I am not certain the companies which provide D&O policies work directly with the insured, they may prefer you go through an agent. I will have our insurance manager speak with her contacts about that.
MarcoS2 (Washington)
Posts: 27
Posted:

great info, thanks Bill !

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