This cover is underwritten by Zurich and can also be known as Directors & Officers (D & O). The cover provides financial protection for those acting on behalf of others which is the case for residents committees who do make decisions on behalf of others. These decisions, which can include the placement of insurance or agreeing contract works for property maintenance, have a financial impact on all those involved.
It is recognised the committee members perform a valuable and important role on behalf of others, many of whom are reluctant or don’t have time to get involved in the day to day running of a development. Therefore, those who have volunteered to make important choices for others need protection for any decision or action they have made in good faith - that may later prove to be ill-judged.
Cover is provided for financial loss as a result of a decision a committee member makes and claims for financial loss can come from absolutely anywhere – suppliers, contractors, property owners and even other members of the committee.
Quotations together with cover levels are available from our insurance team on 0141 221 9266.
Payment of insurance premiums by monthly instalments usually attracts an additional cost, however we are pleased to advise interest free credit is available – please contact our finance team on 0141 221 9266 who will be able to provide details to you.
Policy wordings and cover summaries can be found here, however if you would prefer a copy to be emailed or mailed directly to you, our insurance team will be happy to accommodate.