Define the insurable interests of the association as anything for which the association has financial responsibility to the unit owners. Provide protection against losses on the property or common elements due to negligence. This includes coverage for slip and fall incidents
Liability Insurance for Officers and Directors:
Liability insurance protects directors and officers from personal liability for their actions on behalf of the association and it protects the association and its members when claims or suits are brought against them for their actions.
All condominiums and cooperatives require that all persons who control and disburse association funds be bonded.