1. Ensure your community is fully insured.
Before diving into the event itself, make sure that your community is protected from
liability. Every event carries a unique set of risks for the community and homeowners,
and working with an insurance professional to mitigate these risks ahead of time will
prepare your community for the unexpected while giving the board peace of mind.
"Many things need to be planned for when considering community-sponsored events.
From insurance protection to risk management ideas, your agent should be able to
help you navigate through these types of events, so when in doubt, pick up the phone
and discuss this exposure with your agent. Discuss your concerns, especially if you're
considering a new or seemingly risky exposure to the community. Once you've visited
with your agent about risk management ideas for this event, and confirmed protection
is in place, be sure to get it confirmed in writing.
Keep in mind, while the current agent is the only one who needs to provide direction
on actual coverage for this event, they are not the end-all-be-all when it comes to risk
management. You can gain valuable risk management ideas by brainstorming with
your fellow board members and events committee, by visiting with the community's
attorney, and by speaking with your community manager. Once you've done all this,
don't forget to keep your notes for future events that may be similar in nature. Have a
blast, but be thorough in your preparation!"
-Bo Bond, Senior Sales Executive
Associations Insurance Agency, Inc. (AIAI)
