Some of this may sound fuzzy to a real expert since I am just repeating what I gleaned from a conversation about things that I don’t completely understand.
My mother in law is the president of her HOA, is on the board as one of five directors.Somewhere in there they have an “Architectural Control Committee”. All are insured with D&O policies. If not they could be sued as individuals. For 69 units a million dollar, double indemnity policy is around 1k annually. On top of that they have a 5 million umbrella policy. She said if all they had was the architectural review/control aspects, she would still expect a need for insurance to protect participants.
It was suggested that you continue to ask around and take referrals to insurance agents who have a reputation for advising other groups well.
