Archive for Associations
Homeowners Associations (HOA)
Homeowners associations are nonprofit organizations made up of property owners who work together to govern and maintain jointly owned property. Community swimming pools, tennis courts, golf courses, and clubhouses are maintained for the use of members and their guests. Property owners pay fees for services the association renders to maintain these and other facilities, in addition to maintaining all common property. Property owners make up the boards that elect the officers. A manager is usually hired to make day-to-day decisions and hire workers who maintain the property. The board may purchase directors and officers liability coverage to protect it against wrongful acts to third parties and employees. In many cases, employment-related practices liability coverage is purchased to insure against wrongful termination, harassment, or discrimination of employees or third parties. Standard carriers write many smaller associations. However, excess and surplus carriers write the larger ones that have more extensive property and liability exposures.
Professional Insurance Industry Organizations
These organizations promote education, technical expertise, product knowledge, professional insurance designations, relationships, and networking opportunities. Some engage in lobbying activities to address insurance industry-related regulatory issues. Some of these organizations also provide important insurance coverages to their member agents and brokers, such as errors and omissions and group benefit life and health coverages. Check individual websites for details.