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Skyward Specialty Announces New D&O Solutions for Non-Standard HOA Market
Skyward Specialty Insurance Group, Inc. (“Skyward Specialty” or the “Company”) is expanding its Management Liability solutions by offering targeted directors and officers (D&O) coverage to Non-Standard Non-Profit Condominium and Homeowner Associations (HOA).
With the new coverage, board members of non-standard, or distressed HOAs can manage their association more effectively without the distractions that come from disgruntled, litigious homeowners.
“We task our underwriting leaders to understand the changes in their division’s landscape and identify opportunities where our niche specialization can serve an underserved market,” said John Burkhart, President of Specialty Lines. “Here, we have done just that. We recognized the lack of D&O market capacity for disrupted HOAs and applied our expertise to help solve the problem for our broker partners.”
Non-Standard HOA coverage specifically targets associations with prior claim activity, assessment issues, declining property values, high foreclosure rate, unsuccessful new development or insolvency exposures. Board members of HOAs in this condition regularly must make difficult decisions while managing the association, often encountering claims and threats of legal action.
“Condominium and homeowner association management is becoming more and more complex. Now more than ever, HOAs face enormous financial pressure, which impacts board members’ decisions,” said Michael Abdulahad, Senior Vice President of Management Liability. “As associations, especially those who have already experienced difficulty, continue to make tough decisions, providing specialized D&O coverage is necessary to limit board members’ exposure entirely.”
On the heels of the recent D&O expansion into the cannabis marketplace, the addition of Non-Standard Non-Profit HOA coverage is another unique solution added to the Company’s Management Liability portfolio.
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