Directors & officers Coverage Checklist for HOA Board Members

One of the most important coverage’s for the HOA Board is Directors and Officers. The Board should meet with their Agent/Broker to review what is currently covered, what should be covered and alternative ways to handle the risk.

Are Committee Members Covered
Are Defense Costs Inside the Limit
Are Defense Costs Outside the Limit
Are Director Spouses Covered? (Marital Endorsement)?
Are Employees covered for Workers compensation & Employment Practices?
Are Independent Contractors who just for us covered?
Are past Directors covered even of no longer owners?
Are Committee Members covered for D & O and Workers Compensation?
Are Developer appointed directors covered by the policy
What are all the exclusions?
Is tail coverage available?
Is the Board covered for Breach of Contract?
Is there defense if a unit owner sues to compel Board to purchase insurance?
Is there defense for unauthorized entry by Property Manager?
Does policy cover Appointed Directors?
Does policy cover unknown prior acts?
Does policy cover Director against Director?
Does policy have Duty to Defend/Pay on behalf of language?
Full Prior Acts Coverage Available?
No Retention?
Does it cover everything that may be in CC & R’s?
Any retroactive date?
Monetary and non monetary claims?
Is Breach of Contract covered?
Do all Board members receive a Certificate of Insurance for D & O policy?