In recent instances, a number of boards that have come to us for representation have been chagrinned to discover that their insurance policies for directors and officers liability (“D&O”) did not fully cover claims by shareholders or unit owners. The result has been anxiety for board members, litigation expense for the building that would have been avoidable, and conflicts with the managing agent who had worked with a broker to place the insurance. It is important for board members and managing agents to understand the terms of D&O policies at the time they are purchased. All D&O insurance is not… Read more