If you are on the committee or board of a Residents Association, Management Company, club or organisation that has a limited guarantee status you will need to consider your risk exposure, particularly if things go wrong and a claim is made against the organisation or indeed you personally when you have been representing them.
The main reason that you should have a concern is because you could be risking your own personal assets as a member of the board. If someone decides to sue you for a problem they perceive as you associations fault you could be facing large legal fees and in addition should it be proved to be the associations responsibility, substantial damages could be awarded.
Very often a well-intentioned unpaid volunteer of a residents association could be exposing themselves to duties and responsibilities that may hold them personally liable when things go wrong. This worry and concern can be dealt with by obtaining comprehensive insurance cover with a Directors & Officers or Residents Association Insurance policy that will cover all the board members when conducting their duties for their organisation.
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All policy wordings are available before purchase, this includes full details of the coverage however, if you have any questions please get in touch with one of our brokers.
Even if you are only acting as a trustee or volunteer on a residents' association committee you can still be exposed to a number of potentially unlimited liabilities due to the responsibilities that you will be undertaking.
Contact one of our experienced brokers on +44 (0) 1323 648000 or e-mail us at email@example.com.