Directors and Officers Liability insurance covers the board of directors for legal action or claims brought against them from causes of loss such as breach of fiduciary or legal duty while serving on a Board or as an officer. Some of the most common types of claims are a breach of fiduciary duty, failure to adhere to or enforce the by-laws, discrimination of any kind, HUD/FHA-related claims, emotional support pets, challenges to the election process, architectural review decisions and employment practices liability.
Directors and Officers Liability Insurance isn't the only one you need. Read our article 3 Facts About HOA Insurance Coverage Most Minnesota Boards Misunderstand.