Board directors are generally held harmless and indemnified for legal fees and loss in the ordinary course of business, but they may be liable for intentional harmful acts or acts without authority, and insurance policies may not cover punitive damages for discriminatory actions. (Print: ACT IN GOOD FAITH AND WITHOUT CONFLICT)
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returned by “Liability”
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ArticleTopicsColumn TypeIssue
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Board Members of Cooperative Buildings Are Not Immune From Legal Liability
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Shore Up Your Defenses
The business judgment rule can offer boards protection in various categories, with boards generally having more protection in contractual issues. Directors and officers insurance covers these claims, but only up to a point.
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Limit Your Liability for Shareholder Repairs
Who is responsible for what when it comes to damaged units?
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Insurance Premiums Are Rising, But Coverage Is Falling
Boards need to anticipate insurance increases up to 20%.
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Minimizing Risk
What risks do board members face?
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Too Hot to Handle
Plumbers balk at gas inspections over liability fears.
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Coronavirus Fatigue Is Not an Option
Make room for legal liability issues and routine governance matters.
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Legal Liability
Boards need to protect themselves against the pandemic’s legal fallout.
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Lessor Liability
Alteration agreements cannot exempt negligent boards from liability.
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