Great job people, like seeing community involvement as that is where you will meet other like minded folks.My community gigs began in 82 and have been active until a few years ago:Coached Little LeagueDid volunteer tax returns for seniorsSang Bass in the choirTreasurer of large men's groupVolunteered with American Red Cross, Disaster Relief, Damage assessmentsBoard of Directors of Habitat for Humanity affiliateBoard of Directors, Ozark Literacy CouncilBoard of Directors Community Housing Assistance & DevelopmentAppointed as Commissioner, Springfield Public Housing AuthorityAppointed as Chairman of Rehabilitation and Redevelopment Committee of City long range planning commissionVictims Violence Center Volunteer Executive Director of Non-Profit Housing Organization teaching homeownership skillsOzarks Greenways, volunteered at lake clean ups (thanks Bob) I'm sure I missed some I know, but those in RE should be involved in their market, you are not only helping others you are shaping the market you're active in, it pays great dividends.

Adding an umbrella policy doesn't cost very much but gives you quite a bit more protection.  

Any person who is found working or acting as a managing broker, real estate broker, real estate salesperson, or leasing agent or holding himself or herself out as a licensed sponsoring broker, managing broker, real estate broker, real estate salesperson, or leasing agent without being issued a valid existing license is guilty of a Class A misdemeanor and on conviction of a second or subsequent offense the violator shall be guilty of a Class 4 felony. 225 ILCS 454/20-22.It is a fundamental principle under Illinois law that parties can agree to any terms, and can contract in any situation, as long as there is no legal prohibition or public policy that dictates otherwise.  

I'm asking two other people who might be interested to spread the risk and would take out a 2MM (Partner and I named injured) insurance policy to name the equity partners as beneficiary of the policy and property going to my business partner.Any default, equity partners can liquidate to achieve capital recovery or retain for long term investment goals.

Your policy should cover lost rents so claim that as well.

Some people will say, "Take out a quality Insurance Policy and you will be protected."

I think at the end of the day everyone is going to see the reality of this "bridge of prosperity" that is driven by Fed monetary policy (which began in 2009).

In my experience, if the HOA policy has exterior/structure/roof covered usually a "condo policy" that covers drywall-in is what you'll need.    

Have yet to close a commercial deal, although I own one commercial building that I will be refinancing soon and the property I am working on now will be on a commercial policy.  

Right after you close get an insurance policy that will protect you if there is a loss.