Latest Breaking News On - Policy exclusions - Page 2 : comparemela.com
Many policyholders are taking insurance companies to the consumer courts whenever their claim is rejected. Out of 5.78 lakh pending cases in consumer courts, more than 1.61 lakh are related to insurance sector in 2022. This makes up 27% of the cases pending in consumer courts. The Department of Consumer Affairs suggested insurance companies implement the certain measures to protect consumers interests.
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As community association board members serve as the governing body of neighborhoods, preserving their vitality and protecting their assets becomes a collective responsibility. In the realm of safeguarding, a vital practice is the annual review of insurance policies. In addition to essential coverages such as Property, Liability, and Building and Ordinance policies, let’s look at other coverages you may not have considered and some best practices for reviewing them.
1. Directors and Officers (D&O) Insurance:
Boards of directors serve to make decisions on behalf of the community. However, even the most well-intentioned actions can attract legal challenges. D&O insurance protects board members against claims of negligence, errors, or unintentional wrongful acts while carrying out their duties. This insurance offers coverage of defense costs and indemnification in case of legal proceedings, shielding board members from personal financial ruin.
2. Cyber Liability Insura
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