Eric Eggert, CIC, CIRMS, spoke with Cooperator News Chicagoland about how Not All Directors & Officers Policies Are the Same.
Being on the board of a community association is no small task. You donate your time and energy to help your community and are rarely thanked for your efforts. The last thing you need is a Directors & Officers (D&O) policy that leaves you exposed in the event of a claim.
Not all D&O policies are the same, and it is important for board members and property managers to understand the differences. A D&O policy protects the board of directors and, when written properly, should also include the property manager as an Additional Insured. A strong policy should provide coverage for prior acts, non-monetary damages, libel, slander, defamation of character, discrimination, sexual harassment, wrongful discharge, and third-party breach of contract claims.
