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By CondoAssociation.com • February 14, 2016

Insurance for dishonesty

I live in a 171 unit condo. Every year, our monthly dues increase and we usually have to pay an additional "special assessment".

In looking over our budget for 2016, I noticed that our insurance has increased from $44,160 (2012) to $63,000 this year. This seems like a drastic increase, considering we have had no claims (to my knowledge).

However, one item did stick out to me. We have $300,000 coverage for BOD and management "dishonesty". Is this common practice? Don't property management firms carry their own E & O policies?

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Please note that blog comments and postings are not legal advice, rather only the opinions of our readers.

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