What it does
BP 17 24 adds directors and officers liability-type coverage to a BOP for eligible condominiums, co-ops and community associations. ISO lists it among its class-specific BOP endorsements. It responds to claims against the board for decisions made in running the association – the kind of claim that BP 00 03's bodily injury, property damage and personal and advertising injury coverage does not address.
Who needs it
Any condominium or homeowners association with a volunteer board: disputes over assessments, rule enforcement, architectural approvals, contractor selection and reserve decisions are frequent sources of claims. Many association documents and state statutes expect boards to carry D&O.
Quoting and selling notes
- Confirm the limit and whether it is shared with other coverages, and read the form's own terms for claims-reporting requirements before quoting it against a stand-alone association D&O policy.
- Many states require their own version (for example Alaska, Illinois, Connecticut, Michigan, Minnesota, Missouri, Montana, New Hampshire, North Carolina, Pennsylvania and Virginia).
Related forms
BP 17 01 Condominium Association Coverage; stand-alone not-for-profit D&O on the ISO Management Protection program (MP 00 06).
