Category

Community Associations

Crisis Response Coverage
Real Estate, Hospitality & Restaurants, Community Associations

Understanding the Importance of Crisis Response Coverage

From a balcony collapsing at an apartment complex to sexual assault in an office building, the fallout from catastrophic events can quickly draw media attention. Property owners and managers must take action immediately to minimize reputational damage and protect their financial welfare. If not handled properly, losses to the company can be devastating.

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Cyber Threats
Community Associations, Cyber Liability

Spotlight on Cyber Threats for Community Associations

In a recent article, “Data Defense,” published in Common Ground magazine, Pat Bruen, Product Manager for Distinguished’s Community Association Program, provides valuable insight on the various cyber threats HOAs, condo associations, co-ops and PUDs face. These community associations in their day-to-day operations handle and store confidential, personal identifiable information, such as homeowner names, addresses, bank account information, credit card numbers, and Social Security numbers – all vulnerable to data breach exposures and other types of cyber attacks.

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Community Association
Community Associations

What Lies Beneath Older Community Association Properties

The community associations for most developments are obligated under their governing documents, which are comprised of articles of incorporation; bylaws; declaration of covenants, conditions, restrictions, and easements; and any other rules and regulations, to maintain, repair and replace items and amenities in the common areas. This involves performing regular inspections and maintenance of heating and lighting in the common clubhouse, maintaining the community pools, and providing landscaping services, among other services.

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Performing Routing Inspections
Community Associations

Performing Routine Inspections – Maintenance Increases Safety at Community Associations

Community associations face a number of security and safety issues – from premises injuries to public security. Under respective state statutes and the association’s governing documents, an association has a duty to inspect common areas, investigate complaints and make repairs. To help clients meet their duties and prevent losses, it’s critical to underscore the importance of performing routine inspections and maintenance throughout the property.

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safety and security for community associations
Community Associations

Tailored Safety and Security Approach Required for Community Associations

Many of the exposures for community associations beyond property damage involve safety and security issues. From premises liability claims, such as slips and falls on the heels of a snowstorm and pool and playground-related injuries, to negligent security incidents, community associations and their boards can find themselves responsible if it’s determined they failed to meet their obligation to prevent harm.

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small business insurance
Real Estate, Hospitality & Restaurants, Community Associations

Risk Management Programs Critical to Help Keep Small Business Insurance Costs in Line

How much small business insurance costs depends on many different factors, including the type of operation and its location, its exposures, the industry served, claims history, etc. The coverage features and policy terms in an insurance program, along with its policy limits, of course, also affect the cost of coverage.  Additionally, today’s firming insurance market is impacting the cost of insurance across the board, including in all industry sectors.

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Protect Community Association Funds
Community Associations

How to Protect Community Association Funds with a Crime & Fidelity Policy

Community associations are particularly vulnerable to embezzlement because of the access employees have to both an association’s assets and financial records. In fact, the average loss caused by employee dishonesty is $140,000 with one in every five cases reporting a loss of at least $1 million.

The typical organization loses five percent of its revenues to fraud each year. Common examples of fraud impacting all types of companies include:

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Property Insurance
Historic Properties, Real Estate, Community Associations

Understanding Property Insurance for Niche Markets

While Commercial Property coverage is an integral component of an insurance program for all businesses, the type of coverage secured depends on the niche market served and its exposures. Different policies protect against different risks. Some cover only those risks named in the policy, and others cover all risks except for those that are excluded.

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Homeowners Association Insurance
Community Associations

The Ins & Outs of Homeowners Association Insurance

Insuring homeowners associations (HOA) means procuring several essential coverages that, at first glance may seem simple enough, but upon closer examination requires a real understanding of the provisions and features that separate sound, comprehensive coverage from the basics. From Commercial Property to General Liability, Umbrella, Crime, Directors & Officers Liability, and Employment Practices Liability insurance, knowing what is and isn’t covered, any sub-limits involved, how and when coverage applies, among other factors, is essential in differentiating yourself in the market to your HOA clients. Let’s look inside some of the considerations of the business insurance coverages an HOA should be carrying.

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cybercrimes
Community Associations

Community Associations Stepping Up to Prevent Cybercrimes

While community associations may tend to focus on the physical, concrete issues pertaining to their communities, a community’s risks in cyberspace are gaining widespread attention. And it’s warranted—more than half of all malware attacks target small businesses. And with cybercrimes racking up $100 billion in damages annually, it’s more important than ever to safeguard the data that community associations store.

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fraud
Community Associations

How to Prevent Fraud in Your Community Association

What makes community associations a major target for fraud? To start with, it may be the misconception that only big businesses suffer from embezzlement or fraudulent practices. And when you factor in the self-managing nature of communities—and that neighbors typically trust neighbors—when money is stolen or mismanaged, it can lead to serious repercussions for everyone in the association.

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Toxic gas
Community Associations, Risk Insight

The “Silent Killer” of Toxic Gas and How You Can Avoid It

Can you believe that an estimated 20,000 people receive treatment annually due to gas poisoning? That’s a staggering figure. And, nearly 500 deaths per year are caused by that same toxic gas alone.

The National Fire Protection Association (NFPA) reports approximately 61,000 gas-related incidents yearly. But what gas could have such a harmful effect on so many lives?

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