neighborhood association insurance needs

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?

  1. people
  2. property
  3. liability

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:

  1. Directors & Officers liability- protecting the board against improper decisions, or claims against them
  2. property insurance- do you have an office, own real property? Then it needs to be protected against fire and theft
  3. liability- Let’s face it, people injure themselves and sue, and you create property damage and people sue you.
  4. 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.
  5. 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.

 

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