Directors and Officers
Coverage for directors and officers ranks among the most crucial insurance protections for an association's Board of Directors. However, it's essential to verify that the policy provides the comprehensive coverage you expect. It's vital for the Board to comprehend precisely who is covered, the policy's exclusions, and whether the coverage extends to the management company. This type of insurance safeguards against claims arising from the decisions and actions made in their official roles. Additionally, it can cover legal expenses incurred while defending against a lawsuit in the event of a covered loss.
Cyber
Cyber liability insurance is designed to protect associations from the financial and reputational damages resulting from cyberattacks and data breaches. As the digital landscape evolves, the threat of cyber incidents, including data leaks, hacking, phishing, and ransomware attacks, has become more prominent. Cyber coverage plays a crucial role in a comprehensive risk management strategy, offering both financial protection and support services to navigate the aftermath of cyber incidents.
Social Engineering
Social engineering insurance coverage is designed to protect community associations from financial losses due to fraudulent acts that manipulate individuals into voluntarily parting with money, securities, or other assets. This can include actions like phishing, pretexting or impersonating or giving fraudulent instructions. Social engineering attacks are increasingly common among community associations and it’s important that associations have protocols in place for their association and management company to prevent these losses.
