What does D&O mean?

For a condominium D&O stands for Director’s and Officers liability.

Basically, directors and officers liability covers the * insured persons of the condominium, the board and trustees, and the organization or association as an entity.

In the case of a condominium, it is considered non-profit management liability.

simply, the coverage covers the *wrongful acts of a board member or organization. The policy covers defense and will pay on behalf of the insured parties the loss up to policy limits.

There is a lot more to D&O coverage, which is highlighted in other blog posts here.

* insured person- can include former,past and present or future board members, directors, officers and trustees, member of staff,employee,property manager, and duly appointed committee’s of the organization. Not all policies cover all the aforementioned.

* wrongful acts- an actual or alleged error, misstatement,neglect or breach of duty, omission or act by an insured person in their p[position and capacity for the organization.

 

One comment

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