NancyM2 (California)
Posts: 249
Posts: 249
Posted:
Our HOA indemnify's each of our board members for 1 million dollars. Several of us felt it necessary to get a larger personal umbrella since the Class Acton hit our fair community. When I was on the board I increased my personal umbrella to 3 Million, separate from the HOA insurance. I paid the preminum myself. since it would be for my personal protection as well.
Our board Vice Pres. (acting as Pres.) charges our HOA each year for his extra personal umbrella coverage. I believe he has increased his personal coverage to 5 mill. Then sends the bill to our HOA, and we pay the fare. This year the cost was $1,083.00. Since that coverage would benefit him in a personal claim that does not seem right~ why should we be paying his personal insurance. He is a family law attorney, and should take care of his own personal insurance.
I welcome any comments, on how this is handled in other HOA's
Nancy M.
Our board Vice Pres. (acting as Pres.) charges our HOA each year for his extra personal umbrella coverage. I believe he has increased his personal coverage to 5 mill. Then sends the bill to our HOA, and we pay the fare. This year the cost was $1,083.00. Since that coverage would benefit him in a personal claim that does not seem right~ why should we be paying his personal insurance. He is a family law attorney, and should take care of his own personal insurance.
I welcome any comments, on how this is handled in other HOA's
Nancy M.