Tag Archive for directors and officers

property manager as named insured on condominium policy

People and entities being named on someone else’s policy is nothing new. People ask this to transfer the risk to someone else. If you lease a space, you will be asked the name the landlord, if you rent a hall for a party, you will be asked to name the hall as an additional insured.

So be prepared to have the property manager ask you to name them as additional insured.

Beware!  There are ways to do it and ways not to. Be careful to add anyone but your condominium as additional “named” insured. and never list their name first in the named insured section. Do you know who controls the policy and gets paid first? it is the “first named insured on the policy.

It is customary to have the property manager asked to be named on the general liability section, the fidelity ( employee dishonesty ) section or policy, and on the directors and officers policy.

There are so many different ways the companies handle it, you need to read it and be clear. Just because it says additional insured, Please read the fine print.

Most companies have been asked so many time to add the property manager as an additional insured, that they have just gone ahead and baked it into their policy.

Remember also, that the more people you add to the policy, the more people you are defending and covering with your limited limits.

Always read and ask questions

Good Luck!

 

here is a recent article I read from a lawyer on the subject.

 

Condo law

 

mistakes condominium trustees make

People,e forgive your mistakes usually.

A little whoops, or I’m sorry works for most people, but make a mistake as a trustee and they want to hang you.

What are the most common mistakes trustees or board members Make?

  1. Not consulting other board members
  2. not admitting that you do not know something
  3. not getting bids
  4. not doing due diligence
  5. not doing anything.
  6. not listening
  7. not following rules and regulations
  8. not acting prudently
  9. not telling the truth
  10. acting as a dictator

All these things that you do NOT do, can get you in trouble and even sued. Even if you have the best intentions, File this under your damned if you do, and your damned if you don’t.

Make sure that you have a good director’s and officers liability policy in place.