I live in a condo and we have our own insurance needs.
But what do you need for insurance if you have a neighborhood association?
There are 1000′s of neighborhood associations around the country. These associations bind a community together and create guidelines for living and a place for community involvement.
What are the risks?
Take for example a urban neighborhood association that forms to bond a 10 block radius of people that own their own homes or units. They band together for a common bond and sense of community.
What do they need for insurance? Let’s assume that they are a serious and real association, with rules, guidelines, officers, meetings and events.
Insurance needs are:
- Directors & Officers liability- protecting the board against improper decisions, or claims against them
- property insurance- do you have an office, own real property? Then it needs to be protected against fire and theft
- liability- Let’s face it, people injure themselves and sue, and you create property damage and people sue you.
- Special events- wine tasting parties, block parties, charity functions,dances, and the pancake breakfast. Whether you rent a jumpy trampoline for the kids or not, these events all create a unique liability issue and need to be insured.
- Workers compensation- Do you hire anyone? Do you hire a landscaper to mow common area, or do you hire security people. If you hire people, you need workers compensation.