DID YOU KNOW THAT MOST DIRECTORS AND OFFICERS LIABILITY POLICIES REQUIRE YOU TO DO THE FOLLOWING?
- Maintain updated certificates of any hired contractor for General Liability and Workers Compensation insurance. General Liability insurance – recommended limit of $1,000,000.
- Have a signed contract with all contractors that will include a hold harmless clause that protects and indemnifies the Association. The contract should also include the requirement for the contractor to name the Association and Management Company as additional insured.
- Maintain and update certificates annually upon their expiration.
Feel free to send us a copy of the certificate to review. We will advise you of any corrections or changes that need to be made.
You may also want to inquire about:
- Verification of any required contractor’s license.
- Verification of contractor’s fidelity bond for protection against theft of items.
You can contact our office to review the certificates and even help the Independent Contractor obtain their own insurance. https://www.insurance-financial.net/condo-hoa-insurance/
Connie E. Phillips, CIC, EBP, CIRMS