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Whether you have formed a Residents Association, Management Company or Resident Company Limited by guarantee you need to consider the protection of those volunteers who have put themselves forward as Directors, Residents Committee Members, Trustees, Officers or Chairpersons.
As a very well intentioned volunteer you may be exposing your self to duties and responsibilities that could hold you personal liable should things go wrong.
Directors and Officers Insurance, Residents Association Insurance, Club Insurance and Management Companies Insurance cover will offer a very good protection for those committee members, directors and officers or trustees who look after the affairs and maintenance requirements of the building/s owned by the residents.
The policy will cover for defence of these types of allegations and if a director or resident association committee member/s was found to be neglectful of their duties, damages would be awarded. (The policy will not respond to fines, penalties and punitive or exemplary charges).