No one likes to think about the idea that their neighbors might try to defraud them, but it does happen sometimes. When you co-own with other members of a community the way condominium residents do, you wind up exposing yourself to new risks even as you manage the impact other overhead costs and liabilities could have on your life. Like any risk management maneuver, it requires balancing many different needs and accepting some trade-offs to make things work, too. You count on the agreements you make to work, but you also plan ahead. To protect yourself and your co-owners against condo association fraud, you need a policy that specifically covers malfeasance and bad faith by managers and board members.
Protect Your Investment and Your Board
The bad actions of just one person in your management chain can result in losses due to embezzlement, theft, or just errors in the handling of the operation. Whether it’s an employee of a property management firm you’re contracted with or a rogue member of your own board, the right insurance will protect the investment of your community members by making sure your community has the resources needed to pick up and move forward. More information about the risks covered by condo association insurance can be found in the resources offered up by iSure Insurance in the company’s primer on the topic.