Homeowners’ associations provide unique services built to suit the communities where they are founded. As such, they take on unique risks and expose themselves to liabilities related to those services. Since HOAs typically take membership dues to cover those services, crime insurance is a vital part of the risk management plan. It makes sure that theft and vandalism are covered so your members do not wind up paying the price for someone else breaking the law.
Coverage for Embezzlement and Corruption
For HOAs, the most common forms of crime loss are from those inside the organization making unethical choices that enrich or benefit them. That’s why it is important your crime coverage include provisions for embezzlement or corruption involving board members and staff employed as part of the HOA.
HOA crime insurance is built with these realities in mind, making it easy to cover all your needs without having to shop around for each kind of coverage your organization needs. Embezzlement and corruption coverage can be put together with theft and vandalism protection and even cyber insurance to make a full crime insurance package that suits the size and location of your HOA. It’s easy when you work with an established program that employs experienced people.