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Protect Your Homeowners Association With Nonprofit Liability Insurance
If you are a homeowner or you serve on the board of a homeowners association, then the only thing that will protect you in the case of litigation is a good nonprofit liability insurance policy. There are many types of nonprofit liability insurance available, but you need to build your policy so that it covers your homeowners association.
HOA Works to Secure Your Leaders
Homeowners association insurance, also known as HOA, is becoming as common as standard liability insurance. Serving on the board of a homeowners association is a great responsibility, and it comes with some risks. It is only for people who can assume the advantages and disadvantages of leadership positions.
All board members on homeowners associations have a fiduciary responsibility to the homeowners in their association. This means that they are required to make decisions that will benefit the association. They must not put their own personal desires above the interests of the association.
The decisions that board members make will impact the entire community. Therefore, these individuals must take care to exercise good oversight over the homeowners association.
Many directors have passed on quality advice to board members running organizations. Follow these tips to minimize your chances of facing legal action.
10 Tips for Board Members of Homeowners Associations
1. Work collaboratively with the other board members. You need to respect their differences and always work to come to a consensus. Be a good team player, and don’t intimidate or insult any other board members.
2. It’s absolutely important that all board members take the time to review insurance policies, CC&Rs, and maintenance contracts. The association is depending on the board to look out for its best interests.
3. Detach yourself from the majority of complaints unless they are valid. Most people justify emotional outbursts by making complaints. Try to separate valid complaints from emotional ones.
4. Diligently go over all sides of a subject before making a decision. Association members are required to make logical decisions based on facts.
5. Put aside your personal wishes and work for the collective good.
6. Assign responsibilities to a property manager. Individual homeowners should address complaints to the property manager, not to the board members of the homeowners association.
7. Prepare yourself for insults and rage. Develop a cool, calm exterior, and don’t let yourself be fazed by personal attacks. Keep a record of neighbors and homeowners that consistently slander board members and make sure to keep them off the board.
8. Always hire attorneys when you need legal advice. Do not attempt to make legal decisions when you are not qualified to.
9. You can’t please everyone, so don’t try.
10. Hire an insurance professional to build a policy that will benefit the association. Be sure to buy a policy that will indemnify and cover board members if the board is sued. All policies need to comply with whatever is written in the CC&Rs.
Find a Policy that Will Cover the Entire Board
These tips can help streamline the process of serving on a homeowners board. Still, you need to prepare yourself for the worst-case scenario. Buy nonprofit D&O insurance and always be sure that your policy will cover your legal costs if you are subject to litigation. Good board members will ask about these policies before they agree to serve.
If you’re armed with a strong insurance policy, you can run your board with peace of mind.
Learn more about nonprofit liability insurance and how to build a plan that will fit the needs of your organization.
About the Author
To build a Directors and Officers Insurance policy that will be effective and affordable, you need a company that actually customizes your policy for you. Visit us at www.rja.com to consult with an insurance professional who will construct a policy that will work for you.
Reviews on Pet Insurance?
I have a 5-year old Orange Tabby and am looking to add a 5-month old kitten to the household. The kitten has already been spayed, so I just wanted to start looking into pet insurance for both. The 5-year old is mainly healthy, although currently has some loose stools.
Do you currently have pet insurance? Which do you use? What do you think of it? The problems with sites that have online reviews is that they are all so mixed I can’t figure out which is best for my cat(s). So I’d prefer recommendations.
Thanks!
The problem with asking your vet is that not all vets know about all insurance companies. Most vets only know about VPI because it has been around the longest.
From my personal experience, here are my thoughts: VPI is a no go- because they are so big, they take forever to repay claims from what I have heard. They also have benefits schedules so I have seen lots of complaints (on review sites and Y! A) that they don’t pay out as much as they should because of the benefits schedules.
I have heard all kinds of complaints about ASPCA because they are bad about covering chornic conditions. If your cat gets cancer, then it’s covered for that year, but when your policy renews the following year, it’s considered preexisting so you’re stuck with the bills the rest of the time.
As for the rest, there are a few good choices out there. I’d say mainly to not get any policy that has benefits schedules because it doesn’t always pay the full 80-90% of the bill.
I ended up choosing Trupanion for my dog because they seemed the most straight forward. They cover 90% of your entire bill with no benefits schedules. Also no claim limits or yearly limits and chronic conditions are covered for life.
I have filed only one claim so far and it was repaid within a week, so I would definitely recommend them.
My other advice is to skip routine coverage (shots, exams) because it costs more to go through the company than to skip the middle man and do it yourself.
Hope this helped!
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