Professional Liability Insurance

Professional Liability (including Directors & Officers, Errors & Omissions, and Fiduciary Liability) is an important part of any Community Association’s or Property Manager’s insurance portfolio. Many directors do not realize that they can be held personally liable for decisions they make in their capacity as a board member, and that they could lose their personal assets as a result of a suit filed against the association. In addition to the potential loss of personal assets, the board members are vulnerable to employee theft, as the board is responsible for collecting fees from residents. Good Directors & Officers and Fidelity policies protect the individual board member and the board as a whole against these types of claims.

Property Managers are open to claims, as well, whether they manage commercial properties or residential properties. They are responsible for many facets of property management, including maintenance, real estate promotion, and employee management. Having so many different responsibilities exposes them to a variety of potential claims, from discrimination to theft. Errors & Omissions coverage tailored to the specific needs of Property Managers is an essential part of the Property Manager’s insurance proposal.

McGowan & Company prides itself on providing the broadest coverage possible for Community Associations and Property Managers. Our professional liability policies are offered on A-rated paper, and provide defense costs outside the limit of liability. We have spent years analyzing the market and risk, and as a result are able to offer professional liability policies that consider all of the potential pitfalls of community management.