Condo Media - January 2018 - 51

Helpful Advice Insurance
or discrimination) may give rise to
criminal charges, as well as civil claims.
D&O insurance coverage varies on such

D&O insurance on board members,
then the obligation to do so is clear.
However, even if not, you may be wise

Claims against board members can vary, as
can the coverage provided under a D&O policy.
issues and some such claims fall within
exclusions (exceptions to coverage).
Therefore, it is imperative that boards
understand their coverage and work
with their insurance agent to obtain the
broadest range of coverage possible.
Note, however, that D&O policies will
not cover all criminal claims and will
not cover any intentional criminal activity. This is for the obvious reason that
accountability would be unacceptably
low if persons could insure against their
intentional criminal conduct. When it
comes to such behavior, our society's top
priority is to prohibit such conduct to the
greatest extent possible.
ACCOUNTABILITY BALANCE
There are those who argue that even the
D&O insurance which is available should
not be among insurance offerings. In
their view, having insurance coverage for
wrongful acts or failures
to perform, even as to civil claims, unacceptably reduces the level of accountability for those serving in fiduciary
roles. While this is a valid concern, it
appears that the insurance industry has
attempted to find the balance and draw
the line through pricing and through
negotiable and non-negotiable policy
coverage exclusions.
In the realm of condominiums and
homeowner associations, the vast majority of board members are volunteering
their time to assist a non-profit organization. If personal liability relative to alleged claims were part of the deal, associations would find it extremely difficult
to find members willing to volunteer to
serve in these positions.
MANDATING D&O INSURANCE
If your association's governing documents require the organization to carry

to view such coverage as mandatory,
anyway. As set forth above, absent
provision of personal protection, most
associations would be hard-pressed
to find volunteers to serve. Perhaps
more compelling, almost all governing
documents include language to the effect that the association will indemnify
board members against claims. If an
association is indemnifying its board
members but does not maintain D&O
insurance, then the association's funds
are at risk for expenditures such as legal
defense costs and potential settlements
and judgments. Since, at a minimum,

every member of the organization is
a potential plaintiff, and since legal
expenses alone could bankrupt the
average association in a large case, D&O
insurance coverage, like general liability and property policies, is critical.
In sum, D&O insurance is an important safeguard against claims that
could have a devastating impact on an
association. Since all policies are not
created equal and since some exclusions may be negotiated, boards would
be wise to review coverage and shop
for their policy with the assistance of a
qualified insurance agent who understands the needs of condominiums and
homeowner associations.
■ GARY M. DADDARIO, ESQ., CCAL,
IS A PARTNER WITH THE LAW FIRM OF
WINER & BENNETT, LLP.

Building Envelope
Restoration Specialists

AFTER

BEFORE

Serving New England Building Owners Since 1981
* Concrete Restoration
* Façade Inspection & Repair
* Masonry Restoration
* Sealant Removal &
Replacement
* Parking Garage Repair
& Traffic Coatings

617-628-8888

* Specialty Coatings
* Waterproofing Systems
* Roofing: Flat, Slate, Copper,
Sheet Metal
* Roofing Maintenance
* Emergency Repairs
* Structural Repairs

www.weatherproofing.net
January 2018

51



Table of Contents for the Digital Edition of Condo Media - January 2018

Table of Contents
Condo Media - January 2018 - Intro
Condo Media - January 2018 - Cover1
Condo Media - January 2018 - Cover2
Condo Media - January 2018 - Table of Contents
Condo Media - January 2018 - 2
Condo Media - January 2018 - 3
Condo Media - January 2018 - 4
Condo Media - January 2018 - 5
Condo Media - January 2018 - 6
Condo Media - January 2018 - 7
Condo Media - January 2018 - 8
Condo Media - January 2018 - 9
Condo Media - January 2018 - 10
Condo Media - January 2018 - 11
Condo Media - January 2018 - 12
Condo Media - January 2018 - 13
Condo Media - January 2018 - 14
Condo Media - January 2018 - 15
Condo Media - January 2018 - 16
Condo Media - January 2018 - 17
Condo Media - January 2018 - 18
Condo Media - January 2018 - 19
Condo Media - January 2018 - 20
Condo Media - January 2018 - 21
Condo Media - January 2018 - 22
Condo Media - January 2018 - 23
Condo Media - January 2018 - 24
Condo Media - January 2018 - 25
Condo Media - January 2018 - 26
Condo Media - January 2018 - 27
Condo Media - January 2018 - 28
Condo Media - January 2018 - 29
Condo Media - January 2018 - 30
Condo Media - January 2018 - 31
Condo Media - January 2018 - 32
Condo Media - January 2018 - 33
Condo Media - January 2018 - 34
Condo Media - January 2018 - 35
Condo Media - January 2018 - 36
Condo Media - January 2018 - 37
Condo Media - January 2018 - 38
Condo Media - January 2018 - 39
Condo Media - January 2018 - 40
Condo Media - January 2018 - 41
Condo Media - January 2018 - 42
Condo Media - January 2018 - 43
Condo Media - January 2018 - 44
Condo Media - January 2018 - 45
Condo Media - January 2018 - 46
Condo Media - January 2018 - 47
Condo Media - January 2018 - 48
Condo Media - January 2018 - 49
Condo Media - January 2018 - 50
Condo Media - January 2018 - 51
Condo Media - January 2018 - 52
Condo Media - January 2018 - 53
Condo Media - January 2018 - 54
Condo Media - January 2018 - 55
Condo Media - January 2018 - 56
Condo Media - January 2018 - 57
Condo Media - January 2018 - 58
Condo Media - January 2018 - 59
Condo Media - January 2018 - 60
Condo Media - January 2018 - 61
Condo Media - January 2018 - 62
Condo Media - January 2018 - 63
Condo Media - January 2018 - 64
Condo Media - January 2018 - Cover3
Condo Media - January 2018 - Cover4
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_202205
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https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201601
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201512
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201511
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201510
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201509
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201508
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201507
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201506
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201505
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https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201503
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