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DIRECTORS AND OFFICERS LIABILITY Coverage

Protects the assets of a condominium association or residential cooperative and its board members against wrongful acts claims.

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The Andover Companies Directors and Officers Liability Endorsement offers critical financial protection to residential and office condominiums and residential cooperatives as well as their boards. It typically helps pay for costs associated with a lawsuit against a board member for good-faith actions or decisions that result in financial losses or damages.

DIRECTORS AND OFFICERS LIABILITY COVERAGE HIGHLIGHTS

Due to their broad management and decision-making responsibilities, board members of condo associations and cooperatives* are vulnerable to wrongful acts claims, such as breach of fiduciary duty, errors and omissions, and failure to adhere to bylaws or governing documents, that can lead to costly lawsuits.

The Andover Companies Directors and Officers Liability typically helps protect both directors’ and associations’ assets by providing coverage for expenses associated with these types of lawsuits, up to the policy limits, including:

Legal defense fees
Settlement costs
Judgment amounts

*Only residential and office condo assocations and residential cooperatives that are least 75% owner-occupied and have been in existence for at least one year are eligible. Mercantile condos are not eligible.

CONTACT YOUR LOCAL AGENT FOR INFORMATION

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ADDITIONAL INSURANCE OPTIONS FOR CONDO ASSOCIATIONS AND COOPERATIVES

The Andover Companies offers a variety of property and liability coverage solutions for these types of properties, including:

Broad Form Water Damage
Equipment Breakdown
Excess Liability
Flood
Ordinance or Law
Crime and Fidelity
Clarifying Condominium Coverage Endorsement

By working with one of the highly qualified independent insurance agents in our network, you can get help identifying the specific coverage options that may better safeguard your community, board members, and unit owners.

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Building Close Relationships, Close to Home
with the Agents We Serve and People We Insure

“As small-business owners, we have always chosen to place our Businessowners Policy with The Andover Companies. Their product offerings are comprehensive, and their rates are competitive. Most importantly, we feel they have always done right in protecting us. We confidently recommend Andover and are grateful for the relationship we share.”

Lindsey S.

Businessowner

“I feel comfortable having my insurance with The Andover Companies. I know that if something terrible happens, they will be there to support my family and guide us through the process. Insurance can be confusing, especially when you have multiple policies, but they have simplified the details so we can understand everything easily!”

Bianca and Ray L.

Homeowners

“We love working with The Andover Companies. Their products are continually evolving to meet the ever-changing needs of our clients, and the staff always provides us with responsive customer service. Most importantly to us, they understand the value of building long-lasting relationships.”

Dean Merrill II

Agent | Tobey & Merrill Insurance