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Condominium Insurance Specialists of America:
Community Association Specialists
In the state of Illinois, it is mandatory for Associations to have Directors & Officers Liability coverage. This policy protects directors, officers, trustees, employees, volunteers, and committee members as well as the associations themselves from various management liability risks. These exposures can include breach of fiduciary duty, wrongful cats, breach of contract, etc.
Protects directors, officers, trustees, employees, volunteers and committee members, as well as the community association with a broad definition of (claim)
Includes a “duty to defend” feature that provides legal defense for allegations of wrongful acts
Provides coverage for monetary and non-monetary claims
Covers punitive and exemplary damages where insurable under applicable law
Covers lawsuits & allegations involving wrongful termination, discrimination, & general breach of fiduciary duty
Provides coverage for the independent community management company
Includes coverage for the builder/developer while acting as a member of the Board