BoD Liability Insurance

[McRabbet]

One of the assignments that our past President promised to complete was the purchase of a liability insurance policy that covers the Board of Directors in the unlikely event that someone decided to sue the corporation. Unfortunately, he never completed the task and I only found out this week (Doug has been less than generous with information transfer).

Our Property Owners Association has such a policy that provides the following coverage for the members of the Board:
Liability and Medical Payments $1M per occurrence
Medical Payments Coverage Sub Limit $5K per person
Tenants Property Damage Legal Liability Sub Limit $300K per covered loss
Personal and Advertising Injury $1M per person or organization
Products – Completed Operations Aggregate $2M all occurrences
General Aggregate $2M all occurrences
Directors & Officers Liab-Retro Date 02/14/08 $1M per occurrence and $1M aggregate
The remaining coverages are on property, accounts receivable, papers and records, etc.

The annual premium is $463 -- should I ask our insurance agent for a quotation and does anyelse want to solicit quotes?

Rob

 

[Trent Mason]

That sounds good to me Rob. I don't have the first clue about stuff like that.

 

[Gotcha6]

POAs typically have a higher exposure than would an organization such as ours so I should think the premiums would be nominal.
With convicted kidnappers suing their victims for Breach of Oral Contract nowadays you never know who will try what, though.

 

[CaptnA]

read

 

[TracyP]

I concur with your thoughts Rob.

 

[TracyP]

For the life of me I do not understand why outgoing board members stop communicating. Even when asked to. If I would do that when my term is up the site would eventually go down. I promise not to do that when I decide to serve no longer. Steve transferred ownership of all of the software, vendors, etc. to me. Guys and gals, I promise to never put this community in that position.

 

[Gotcha6]

I have to say in all honesty that if Scott had done that with me I'd be in a heap o' trouble. Kudos to him for all the help he's give here before AND after his term.
Maybe Doug is just burned out with all of it, but I think we all expected better.

 

[Trent Mason]

Going along with what Dennis stated, I'd like to add that Scott Smith also did a great job of helping me transition into this position and I will do my best to help out whomever takes my place.

My hat goes off to Tracy for his reply to this and all of his hard work. :notworthy:

 

[TracyP]

I did not mean to take this thread "off topic". But from Travis to Joe To Doug, we have a real lack of continuity in the BOD roles. I view this as sad that the people voted in to follow the position cannot rely on their predecessor to relay necessary information to their replacement as a real problem. We really need to set forth some rules and procedures when the BOD is voted on.

 

[McRabbet]

My intention was not to embark on thrashing some past BoD members, but I agree we need to avoid this in the future by providing better transition documentation. Remember that we are all volunteers and all of us have other demands on our lives. I want to have a Board Meeting in January to map out how we can avoid these problems in the futurre among other issues. For now, let's get back on topic and address the Liability Insurance issue. I will contact the agent that provides my community association policy next week and let you all know of the outcome. I'd like to get other bids and will look at some alternatives as well.

 

[b4man]

read and concur

 

[TracyP]

My intention was not to embark on thrashing some past BoD members, but I agree we need to avoid this in the future by providing better transition documentation. Remember that we are all volunteers and all of us have other demands on our lives. I want to have a Board Meeting in January to map out how we can avoid these problems in the futurre among other issues. For now, let's get back on topic and address the Liability Insurance issue. I will contact the agent that provides my community association policy next week and let you all know of the outcome. I'd like to get other bids and will look at some alternatives as well.

And I wasn't trying to thrash them either. There was only one that really went out bitter. I did not mean any harm. Sorry if it was taken that way. We do need to develop a transition process in writing during this term. I may run again, not sure at this time.