Directors and Officers (D&O) Insurance
D&O insurance is liability insurance intended to protect directors and officers (including volunteer board members) from claims related to governance decisions. It is commonly used by co-op and condominium boards to manage governance-related litigation exposure.
- Where it applies
- Generally, not specific to New York
- When it comes up
- Ongoing governance; dispute response
- Property types
- Co-ops and condos
Risk and Liability Terminology
- Closing Protection Letter (CPL)
- Closing Wire Fraud / Business Email Compromise (BEC)
- Deed Fraud
- Errors & Omissions (E&O) Insurance
- Force Majeure
- Indemnification
- Limitation of Liability
- Liquidated Damages
- Notice of Recorded Document (NRD) Monitoring
- Recording Gap Risk
General information, not legal, tax or financial advice.