If you run a homeowners association (HOA) that runs a planned unit development (PUD), you may be exposed to more risk than you think. Like many private organizations and associations, HOAs that run PUDs have certain duties and responsibilities that they must take care of and any errors can potentially lead to serious financial damage. Luckily, you can obtain PUD insurance to get ahead of these potential costs.
What Is PUD Insurance?
PUD insurance is a category of insurance coverage that is designed to protect those in charge of HOAs that run PUDs. It can offer coverage for a wide variety of risks, including property damage, cyber attacks, and lawsuits.
What Types of Coverage Can You Get With PUD Insurance?
PUD insurance providers generally offer many different coverage options so you can customize an insurance plan that works for your specific needs. Some of the coverage types you can obtain with PUD insurance are:
- Directors and officers (D&O) insurance
- Crime insurance
- Cyber liability insurance
- Commercial umbrella liability insurance
How Much Does PUD Insurance Cost?
The cost of PUD insurance can vary widely and is affected by a number of factors. Some of these factors are:
- Your location
- Your claim history
- The size of the PUD your HOA runs
Running a PUD can open you up to all kinds of different risks. PUD insurance can make sure everything runs smoothly.