Forum Archive: Posts by: FTLT2

Can anyone provide some thoughts with respect to insurance to protect the personal liability of directors and officers of small (particularly self-managed) co-op boards from potential litigation? Specifically:

1) Is it typical for co-op board directors and officers to be insured?

2) How do co-ops obtain such insurance?

3) Approximately how much should the insurance cost for a small co-op on an annual basis?

As additional information, the co-op is a taxable corporation and not a non-profit.

Any thoughts would be greatly appreciated.