As community association continue to grow, so too do liability exposures and lawsuits – prompting one insurer to offer a product to meet those specific needs.
ACE Commercial Risk Services has launched its Community Associations Directors & Officers and Employment Practices Liability insurance products, a coverage that provides broad liability protections for homeowner, condominium and retail community associations, and deepens ACE’s growing product portfolio for the small commercial market.
“In today’s increasingly litigious environment, community associations and their board members face increasing claims and a growing array of legal and financial liability exposures,” said David Charlton, Division President, Property & Casualty and Micro-business Division, ACE Commercial Risk Services. “Yet, many of these small business members are unaware that their personal assets may be at risk for decisions they made while administering association bylaws. Often, the specialized insurance coverage currently available in the market is cost prohibitive.”
It is this need that spurred the combining of a Business Owners Package option with directors and officers and employment practices liability coverages in one comprehensive policy offering, said Charlton.
“As a result, our Community Associations product enables us to meet the specialized insurance needs of community associations and their board members,” he said.
The new product is designed to cover the specific specialty risks of associations with fewer than 500 units, which include defending non-monetary claims, breach of contract violations, and enforcing bylaws.
ACE Group is one of the world’s largest multiline property and casualty insurers, with operations in 54 countries, ACE provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance, and life insurance to a diverse group of clients.
