True or false?
- All associations need worker’s compensation coverage, even those without staff.
- Umbrella policies provide an added level of coverage for both property insurance and liability insurance.
- Property insurance will always cover damage or loss to on-site structures.
The answers to these questions might surprise you and prove costly to your HOA. Fiduciary responsibility and protecting your HOA is a primary function as a Board member. Finding the best cost while maintaining proper coverage is a delicate balance. Buyer beware - not all policies are alike, and if you neglect certain types of coverage, you may end up paying a much higher price.
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