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MIAMI CONDO NEWS — All About Condo Living in the Magic City — Edited by Heinz Dinter, PhD

Points to ponder: Are you properly covered?
By James D. Wing, Esq.

June 22, 2006 • Look at your personal homeowners’ condominium policy.

Does it insure you against special assessments caused by lawsuits against your association attributable to negligence by the condo board or condo officers?

If you are an officer or director on the board, does your personal policy cover you at all, or only to the extent that your negligence gets wrapped into an assessment against all unit owners?

Does your condo board have adequate officers and directors liability insurance for the board members and officers? Who reviews these policies when they are renewed to be sure that the coverage they think they have is really there?

What if the board appoints a special committee of unit owners on behalf of the board? Are those folks not insured because they’re not officers and directors?

How many condo boards have appointed folks to serve on local informal committees? Are those folks insured? What if they do something that gets them sued by a disappointed real estate developer? Will the associations who appointed them pay their legal fees? Pay judgments or settlements? Out of whose assets? Are the associations insured for this? What does the appointee’s personal umbrella insurance policy have to do with this? How many people who serve on such committees have even the faintest idea as to what kind of lawsuits can be brought, and what one should do to avoid attracting them?

I question whether condo boards focus on these issues, and they are big issues.

James D. Wing (www.hklaw.com) is a litigation partner at Holland & Knight LLP with offices throughout the United States and the world. Jim is based in the Miami office.

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