Condo Association Risks: Why Directors and Officers Should Be Protected

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Condo Association Risks: Why Directors and Officers Should Be Protected

Directors and Officers in condominiums are often volunteers that want to help ensure that the community runs in the best way possible. Of course, when you are a director or officer, you also open yourself up to a number of different risks. Here is what you need to consider when you are one of the board members of an association.

Risks to Directors and Officers

Unfortunately, directors and officers of community associations are at risk for a variety of different lawsuits, according to the experts at www.kdisonline.com. If for any reason, your residents or employees have a complaint about their treatment, you may have a reason to worry. Here are just a few different claims that you may catch yourself facing:

  • Negligence
  • Discrimination
  • Misuse of funds
  • Breach of fiduciary duty
  • Harassment
  • Breach of contract
  • Wrongful foreclosure

In order to handle these claims, you need to have the appropriate insurance coverage.

If you are a director or officer of a condo association, you have to keep yourself protected and prepared for any sort of lawsuit that may arise. After all, if there are any wrongdoings or if an employee or resident claims that there was wrongdoing, you could be on the hook for it. Condo directors and officer’s insurance allow for directors and officers to defend themselves.

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