You make a lot of decisions as a board member of a community association. Unfortunately, it doesn’t matter how careful your research or how thoughtful your actions, you can still be vulnerable to liability claims and lawsuits from the very people you represent. In today’s world, the number of lawsuits like these are increasing yearly and monetary awards continue to arise.
The Community Association Protection (CAP) program, designed by leading experts in both professional and real estate liability insurance, is a direct result of the most recent thought patterns in the industry. It combines the best the market has to offer in a single policy, providing state-of-the-art coverage for your association and its activities. It also protects you if you’re named individually in a suit that results from your role in the association. And, it does all of this at a competitive price, backed by the reputation and experience of Great American Insurance.
With the CAP program, you get much more than an insurance policy. You get the support of skilled underwriters & experienced claims professionals from both Distinguished Programs and Great American, something that is especially important when liability claims are brought against your association.
The CAP program provides Directors’ and Officers’ liability protection to condominium and homeowner associations, including:
- Protection for a wide range of people involved with your association, including past, present or future:
| - | Directors and officers |
| - | Volunteers |
| - | Committee members |
| - | Trustees |
| - | Executives |
| - | Employees of the association |
| - | Builders and developers, as members of the board |
- Protection for the named property management company and its employees
- Payment for losses on your behalf; which eliminates the need for the association to pay and then be reimbursed by the insurance company
- Defense costs are in addition to the limit of liability and are not subject to the retention
- Broadly defined protection for claims related to Employment Practices Liability, such as wrongful dismissal, discharge, termination and sexual harassment
- Protection for monetary damages and losses, defense costs for non-monetary relief
- Broad definition of a claim
- Protection for a broad definition of wrongful acts, including errors, incorrect and misleading statements, omissions, neglect and failure to carry out the responsibilities of the association
- No individual insured vs. insured exclusion
- A duty to defend your association and its members
- Coverage limits of up to $5 million*
*You can extend your coverage from $10 million to $100 million through our Real Estate Umbrella Liability Purchasing Group.
Program Highlights Include:
- Single page application
- Low minimum premium available
- No financials required to bind
- Optional electronic policy delivery system
Eligible classes:
- Condominium Associations (COA)
- Homeowner Associations (HOA)
- Planned Urban Development (PUD)
- Property Owners Associations (POA)
- Cooperative (Co-Op)
- Commercial Condominiums
- Timeshares/ Interval
To learn more about The Distinguished Programs Group, please click here.
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