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What type of insurance does your condo board carry?


Author's Note

Not living in a condo myself, I had a lot to learn during the research process for this article -- much of which I hope will prepare me for a big purchase one day! I actually had no idea that insurance to protect directors and officers existed; considering how much litigation many of them must deal with, it's a good thing that resource exists. One tidbit that didn't make it into the article is that D&O insurance is actually primarily used by corporations and their boards. And when events like the mortgage crisis happen, I'm sure they need it!

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Sources

  • Community Associations Institute. "About Us." (July 14, 2012) http://www.gmsr.com/article/The%20Meaning%20of%20An%20Insurance%20Carrier's%20Reservation%20of%20Rights%20-%20Part%20I.pdf
  • Gische, David M. "Directors and Officers Liability Insurance." Troutman Sanders LLP. (July 14, 2012) http://library.findlaw.com/2000/Jan/1/241472.html
  • IRMI.com. "Duty to defend." (July 14, 2012) http://www.irmi.com/online/insurance-glossary/terms/d/duty-to-defend.aspx
  • Lending Tree. "Condominium Association (Definition)." (July 14, 2012) http://www.lendingtree.com/smartborrower/glossary/c/condominium-association/
  • Olson, Robert A. "The Meaning of an Insurance Carrier's Reservation of Rights -- Part 1]. Association of Business Trial Lawyers. (July 14, 2012) http://www.gmsr.com/article/The%20Meaning%20of%20An%20Insurance%20Carrier's%20Reservation%20of%20Rights%20-%20Part%20I.pdf
  • Passante, William G. "D&O Liability Insurance Basics." Anderson Kill & Olick. (July 14, 2012) http://www.andersonkill.com/webpdfext/BP-200404CorpCnsl.pdf
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