I live in a PUD (similar to a Condo, but we actually own the land we're built on). It has always been my belief the Board members were required to have E&O Insurance (errors &omissions). We had an HOA meeting tonight where it was brought to light that several very bad decisions had been made by the board, that the board actually took responisibilty for! The board said they couldn't be fixed as we have run out of money (mostly due to their gross negligence) I voiced my opinion that their E&O's should cover the cost. They maintain they don't have that. I know the must have something, otherwise how are WE protected? Um.. HELP?
2006-10-10 21:59:10 · 1 answers · asked by Sidoney 5 in Business & Finance ➔ Renting & Real Estate
It depends on your local government laws, most do not carry E&O in California, HOA's usually are elected by the home owners and you can get them off of the board, In California there is The Davis Sterling Act it is the state regulations for HOA's in the state. Find the law that governs your areas HOA's and read it/use it. You be ahead of mostg if not all the HOA board members.
2006-10-11 02:44:00 · answer #1 · answered by Dave C 2 · 0⤊ 0⤋