A Discussion in Regards to Insurance

As we continue this discussion, we are going to identify what the basic types of insurance an association may need in layperson terms.

An association needs to have insurance to cover owners, guests, visitors as they come into the community and have some type of accident.

An association needs to have insurance in case a board member or officer inadvertently makes a mistake that creates a liability to the association. It is important to note, that if a board member or officer intentionally violates some type of regulation, etc. then that may fall under a criminal offense.

An association needs to have insurance to cover any damage to property that may occur due to tornadoes, hurricanes, fire, etc.

Though ideally an association will require any contractors that come onto the property to have Workers Compensation Insurance, it is a good idea for the association to also carry Workers Compensation in case a homeowner or board member volunteers to do work on the property and may get injured.

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