Directors & Officers Quote
4
Crime & Fidelity
Protects against theft or embezzlement of the HOA’s funds, including online fraud and wire fraud.
Please have a review of your Communities Covenants done to see what insurances you are required to carry.
5
Workers' Comp.
Covers volunteers working on HOA projects, as general liability excludes work-related injuries. If the Association doesn't do this type of work themselves, it does not need this insurance.
Each Community is different, so we recommended that you have your insurance program reviewed.
6
Umbrella
If the Community has any of the 4 Ps (pools, playgrounds, ponds and/or parks) or common areas, it is a very good idea to carry an Umbrella as these are all high risk or high liability areas.
If you are not sure about the coverage of your Umbrella, please have a review done for your Community.
6 Key Insurance Policies for Every HOA
1
General Liability
Helps protect the Association from founded or frivolous lawsuits. These lawsuits claim negligence on or by the Association and claim the Association caused physical injury or property damage. General liability is designed to defend these types of lawsuits.
2
Property Coverage
Covers physical damage to common properties like signs, clubhouses, or insured buildings. Remember to obtain an insured-to-value report for the buildings. This will give you the replacement cost, per square foot, to rebuild that building, which eliminates guesswork for the Board on the amount of insurance for that piece of property.
3
Directors & Officers
Shields board members from lawsuits related to their management of the association, such as disputes over architectural decisions or budget issues.
Non-Monetary Lawsuits are the most common suits against an HOA Board of Directors. This is when you are being sued, not for money, but for action. These lawsuits must be defended. Always consult an attorney.
Every HOA needs to gather information on six insurance policies so that the Board can make an educated business decision. While every Association is different, it's important for Boards to work with legal counsel and insurance professionals to ensure that policies and coverages fit the needs of their Association.
OFFICE LOCATION
4325 Lake Boone Trail, Suite 200
Raleigh, NC 27607
Request a Directors & Officers Quote
Get a certificate of insurance
(919) 208-2303
info@welovehoas.com
Andrew Bateman,
CIC, CIRMS, CMCA
Client Executive
Alera Group
andrew.bateman@aleragroup.com
(919) 795-3971
As a Client Executive and equity owner at Alera Group, Andrew brings highly-focused expertise in HOA insurance, with a particular focus on condominiums and high-rises. His consultative approach and results-driven leadership have established him as a top producer, insuring over 1,400 associations yearly. Andrew's extensive industry connections have also secured his team as an exclusive insurance distributor for CondoLogic Insurance Company in North Carolina. CondoLogic is an industry leader for providing insurance for high- and mid-rise condominiums, as well as garden-style homes. Andrew and his team are a top-producing agent for CondoLogic.
His passion for his work extends beyond professional achievements to community impact through his work with Team Dykeman, a scholarship he founded in honor of his cousin, USMC Captain Philip J. Dykeman. When not expanding business opportunities or mentoring his team, Andrew enjoys running, hiking, surfing, and cheering for his beloved Syracuse Orange.
Areas of Expertise:
• Condominium & HOA Insurance
• Amendment Change Education for Boards
• Sales Management
• Team Leadership
Meet Andrew