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insurance coverage requirements

1. General Insurance Coverage

Obtain General Liability Insurance to protect against bodily injury and property damage claims.

Ensure coverage limits meet or exceed state and local regulations.

Review and update the policy annually to reflect changes in property value or management activities.

2. Property Insurance

Acquire Property Insurance to cover buildings, equipment, and furnishings against risks like fire, theft, and vandalism.

Confirm the policy includes replacement cost coverage rather than actual cash value.

Evaluate options for additional endorsements, such as flood or earthquake coverage, if applicable.

3. Workers' Compensation Insurance

Verify compliance with state laws requiring Workers' Compensation Insurance for employees.

Ensure coverage includes all types of employees, including full-time, part-time, and seasonal workers.

Review the policy for appropriate coverage limits based on the number of employees and types of work performed.

4. Professional Liability Insurance

Consider obtaining Professional Liability Insurance (Errors and Omissions Insurance) to protect against claims of negligence or inadequate work.

Assess the scope of coverage based on the specific services offered by the property management organization.

Ensure policy limits are sufficient to cover potential legal costs and settlements.

5. Commercial Auto Insurance

If using company vehicles, acquire Commercial Auto Insurance to cover liability and physical damage for vehicles owned or used by the organization.

Confirm coverage extends to employees driving personal vehicles for business purposes.

Review the policy for appropriate coverage limits based on the value and use of the vehicles.

6. Directors and Officers (D&O) Insurance

Evaluate the need for D&O Insurance to protect board members and executives from claims related to their decisions and actions.

Assess the policy limits based on the size and scope of the organization.

Ensure coverage includes defense costs and settlements for wrongful acts.

7. Umbrella Insurance

Consider obtaining Umbrella Insurance for additional liability coverage beyond primary insurance policies.

Verify that the Umbrella policy covers the same risks as underlying policies.

Evaluate limits based on overall risk exposure and organizational assets.

8. Review and Documentation

Conduct an annual review of all insurance policies to ensure they meet current operational needs and regulatory requirements.

Maintain documentation of all insurance policies, including declarations, endorsements, and certificates of insurance.

Document any claims made and communicate with insurance providers regarding changes in coverage needs.

9. Training and Awareness

Provide training for employees on the importance of insurance coverage and compliance.

Ensure staff is aware of the claims process and whom to contact for assistance.

Regularly update the team on changes to policies or coverage requirements.

10. Consult with Insurance Professionals

Engage with an insurance broker or consultant to assess current coverage and identify potential gaps.

Seek advice on the latest industry trends and legal requirements affecting insurance needs.

Review and compare quotes from multiple insurers to ensure competitive pricing and coverage options.

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