Page 10 - CooperatorNews New York Expo 2021

10 COOPERATORNEWS — OCTOBER 2021 COOPERATORNEWS.COM E XPE C T THE E X CEPTIONAL Elevating Property Management Through Personalized Service The right management partner will improve the service your residents see, elevate your property values, and make the most of your investments. That starts with understanding your unique needs and creating a customized plan to address them. Get the exceptional service you and your residents deserve now. Contact AKAM at 212.986.0001 or info@akam.com to explore how AKAM can manage your property so you don’t have to. AK AM. C OM In the wake of a tragedy of the size and Jeremy A. Cohen, a partner at the law firm scope of the recent building collapse in Surf- side, Florida, many board members in con- dos, co-ops, and HOAs have concerns about the U.S. and globally, defines D&O insur- what liability they may assume in their ad- ministrative role. This concern is legitimate. Board service is a volunteer position—those coverage typically purchased by corpora- who choose to serve do so for free, donat- ing their time and effort to their community. its directors and officers,” he says, “subject The last thing a volunteer wants is to find to provisions and exclusions set forth in the themselves being sued as a result of a deci- sion they made in good faith. So what stands ance generally covers claims against cor- between boards and backlash? Insurance, for porate directors and officers arising out of one—and solid governing documents. Directors & Officers Insurance The main protection for volunteer board for breach of fiduciary duty and improper members against liability for decisions they governance with respect to corporate af- make that may negatively affect the commu- nity comes from Directors and Officers in- surance, more commonly known as ‘D&O.’ privacy.” Seyfarth Shaw, which has offices in New York, Chicago, Boston, and other cities in ance and its coverage: “Directors & Officers insurance is the tions to cover all manner of claims against specific language of the policy. D&O insur- their performance of duties on behalf of the corporation. This typically includes claims fairs, as well as claims by individuals, such as defamation, libel, slander, and invasion of Protecting Board Members from Claims A Look at Liability & Insurance Coverage BY A. J. SIDRANSKY BOARD OPERATIONS See us at Booth 216