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| IHG Insurance (National Insurance Provider) |
| Providing Community Association Insurance for over 25 years: D&O Liability, Crime Products, Umbrella Coverage and Property Manager's Errors & Omissions Liability. |
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LindaL
Posts:0
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| 02/15/2006 12:37 PM |
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One thing that really gets to me is when you inform the BOD that they are legally liable to the Association and can be sued is their retort that they have D&O Coverage. From the way it sounds, it comes across that they think they can do as they please and will always be protected by D&O Insurance. The Management companies will often times encourage this. Very short-sighted to say the least but I see this all the time.
Linda |
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MarnaR
(California)
Posts:27
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| 02/15/2006 4:43 PM |
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| There are serious exclusions to D&O coverage. As soon as I get a copy of our policy, I'll let you know what they are. But you may want to remind the board that, as with any insurance policy, there are exclusions and if their behavior falls under those exclusions, they are indeed personally liable. |
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LindaL
Posts:0
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| 02/15/2006 5:22 PM |
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I've been told by a CAI Attorney that if the Board does anything that keeps them out of "good faith" then the insurance company will go after them personally and make them pay all legal fees. I'm wondering also if the policy is cancelled after litigation and how difficult it would be to get re-insured.
Linda |
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MarnaR
(California)
Posts:27
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| 02/15/2006 6:36 PM |
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Good questions. Since the insurance industry seems to be at about the same rung as most management companies on the ladder of business ethics, I'd want to get answers there.
It would be fabulous to find an atty who specializes in the homeowners side of this conflict. There just aren't many of them out there - not a lot of money to be made. Boards have money, individual homeowners typically don't.
I will say that from reading your prior posts, if you've been documenting everything in writing and have really good backup, you will have no problem proving bad faith. Now, I'm not a lawyer, but I would think that if you were to approach your board in this manner, possibly with legal representation - and I know, that gets pricey - it may make them listen. If a party other than the 'problem' homeowner presents the board with the cold hard facts along with the potential consequences of their actions, it may give them the wake-up call that they need. Unfortunately, getting there will not be an easy road. |
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LisaS
(Illinois)
Posts:339
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| 02/19/2006 3:27 PM |
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| A small piece of advice...never threaten legal action unless you plan to take it. And even then, put your ducks in a row and keep your records and notes to yourself. Get an attorney, decide on a plan, then proceed. Because once you plant the seed of legal action, the 'other side' is already keepng their info close, tightening their ranks, 'misplacing' pertinent items, and making sure they have plenty to fight back with. |
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LindaL
Posts:0
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| 02/19/2006 4:34 PM |
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Our association doesn't even have any legal representation and has NEVER to my knowledge even gotten any legal advice. I have BEGGED them to get legal advice periodically but the MC has talked them out of it. Whatever they do as a result of me threatening legal action can't make it any worse, in my opinion, than it already is.
Linda |
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