Providing your members comprehensive coverage and liability reduction
CSI works with insurance carriers to make sure that the Board has the proper coverage. As a Board member it is a policy the Association should not do without.
The Directors & Officers Liability (D&O)/Wrongful Acts coverage typically attached to the General Liability policy of an association does have LIMITED coverage. Usually it only includes coverage for wrongful acts that result in compensatory and/or monetary damages. It also does not extend to employment practices liability items such as discrimination, etc.
As a result, we have researched the marketplace and determined the best coverage and price for Associations and their Board that wish to have better protection. Below are details and we highly advise choosing this option.
Note – All these coverages are intended to defend a “wrongful act” by the Association, not pursue a 3rd party for their potential wrongful acts.
Directors & Officers Liability / Employment Practices Liability including 3rd Party Coverage
$1 million per claim / $1 million aggregate limits - $1,000 retention (deductible)
o Broader definition of Insured and Claim
o Includes coverage for monetary and non-monetary claims
o Includes coverage for discrimination
o Defense Costs are outside the coverage limit and are unlimited
Cincinnati Insurance (rated A+ by A.M. Best)
3 Year Rate Locked Policy
Meaning the rate is locked for 3 years. The premium is still paid annually.