Distinguished Blog - Community Associations
Market insights and industry news.
Distinguished Programs and Berkley Program Specialists Partner for Community Associations D&O and Crime Coverage
New York – Distinguished Programs (“Distinguished”), a national insurance program manager, announced an expanded partnership with Berkley Program Specialists (“BPS”), a leading provider in the industry, to underwrite its Community Associations Crime and D&O products. Starting Jan. 1, 2025, Distinguished will begin to consolidate their Crime, D&O, and Package coverages under one carrier. “This expanded…
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What Lies Beneath Older Community Association Properties
The community associations for most developments are obligated under their governing documents, which are comprised of articles of incorporation; bylaws; declaration of covenants, conditions, restrictions, and easements; and any other rules and regulations, to maintain, repair and replace items and amenities in the common areas. This involves performing regular inspections and maintenance of heating and…
Maintenance Safety Tips at Community Associations
Community associations face a number of security and safety issues – from premises injuries to public security. Under respective state statutes and the association’s governing documents, an association has a duty to inspect common areas, investigate complaints and make repairs. To help clients meet their duties and prevent losses, it’s critical to underscore the importance…
Safety and Security Approach Required for Community Associations
Many of the exposures for community associations beyond property damage involve safety and security issues. From premises liability claims, such as slips and falls on the heels of a snowstorm and pool and playground-related injuries, to negligent security incidents, community associations and their boards can find themselves responsible if it’s determined they failed to meet…
Importance of Risk Management for Small Business Insurance
How much risk management for small business insurance costs depends on many different factors, including the type of operation and its location, its exposures, the industry served, claims history, etc. The coverage features and policy terms in an insurance program, along with its policy limits, of course, also affect the cost of coverage. Additionally, today’s…
Protect Community Association Funds with a Crime Insurance Policy
Community associations are particularly vulnerable to embezzlement because of the access employees have to both an association’s assets and financial records. In fact, the average loss caused by employee dishonesty is $140,000 with one in every five cases reporting a loss of at least $1 million. The typical organization loses five percent of its revenues…
Understanding Property Insurance for Niche Markets
While Commercial Property coverage is an integral component of an insurance program for all businesses, the type of coverage secured depends on the niche market served and its exposures. Different policies protect against different risks. Some cover only those risks named in the policy, and others cover all risks except for those that are excluded.
The Ins and Outs of HOA Insurance
Insuring homeowners associations (HOA) means procuring several essential coverages that, at first glance may seem simple enough, but upon closer examination requires a real understanding of the provisions and features that separate sound, comprehensive coverage from the basics. From Commercial Property to General Liability, Umbrella, Crime, Directors & Officers Liability, and Employment Practices Liability insurance,…
Help Customers Understand the Importance of Umbrella Coverage
Here at Distinguished a lot of our customers question why umbrella coverage is necessary, especially for entities like condominium associations that aren’t perceived to be high risk. Most feel confident that they won’t experience severe losses, and consequently that they don’t need to spend money they may not have in order to purchase an umbrella…
Community Associations Stepping Up to Prevent Cybercrimes
While community associations may tend to focus on the physical, concrete issues pertaining to their communities, a community’s risks in cyberspace are gaining widespread attention. And it’s warranted—more than half of all malware attacks target small businesses. And with cybercrimes racking up $100 billion in damages annually, it’s more important than ever to safeguard the…
How to Prevent Fraud in Your Community Association
What makes community associations a major target for fraud? To start with, it may be the misconception that only big businesses suffer from embezzlement or fraudulent practices. And when you factor in the self-managing nature of communities—and that neighbors typically trust neighbors—when money is stolen or mismanaged, it can lead to serious repercussions for everyone…