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insurance coverage requirements

General Insurance Requirements

Verify that the property management organization has general liability insurance.

Ensure coverage limits meet industry standards and client requirements.

Confirm that the policy includes coverage for bodily injury and property damage.

Check for coverage exclusions and limitations.

Here are some additional steps that could be included in the General Insurance Requirements section

Verify that the insurance policy is underwritten by a reputable insurance carrier

Ensure that the policy provides coverage for claims made during the policy period, regardless of when the incident occurred (if applicable)

Confirm that the policy includes a waiver of subrogation clause to protect the client

Assess the policy's deductibles and ensure they are acceptable to the client

Check for any required endorsements or additional insured status needed by the client

Review the policy for compliance with local, state, and federal regulations

Ensure that the policy provides adequate coverage for contractual liabilities, if applicable

Confirm that the policy has not lapsed and is currently active

Request a certificate of insurance to verify coverage and limits

Review the claims history of the organization to identify any potential red flags

Property Insurance

Ensure the property is covered under a comprehensive property insurance policy.

Verify that the policy covers both the building and any personal property owned by the management organization.

Confirm that coverage includes protection against natural disasters, such as fire, flood, and earthquake.

Review the policy for adequate replacement cost coverage vs. actual cash value.

Workers' Compensation Insurance

Check that the organization has workers' compensation insurance for all employees.

Verify that the coverage meets state and federal requirements.

Ensure that the policy covers all potential work-related injuries and illnesses.

Professional Liability Insurance

Confirm that the organization has professional liability insurance (errors and omissions coverage).

Review the coverage limits to ensure they are sufficient for the services provided.

Check for any exclusions that could impact coverage during property management activities.

Automobile Insurance

Verify that the organization has commercial automobile insurance for any vehicles used for business purposes.

Ensure coverage includes liability, collision, and comprehensive coverage.

Confirm that drivers are adequately insured under the policy.

Additional Coverage Options

Assess the need for additional coverages, such as cyber liability insurance.

Review the need for environmental liability insurance if managing properties with potential environmental risks.

Consider obtaining umbrella insurance for additional liability protection beyond standard policies.

Review and Documentation

Maintain copies of all insurance policies and endorsements for easy access.

Schedule regular reviews of insurance coverage and limits to ensure they remain adequate.

Document any changes in property management services that may require updates to insurance coverage.

Keep records of claims made and the handling processes to evaluate insurance effectiveness.

Renewal and Compliance

Establish a renewal schedule for all insurance policies to avoid lapses in coverage.

Ensure compliance with any client-specific insurance requirements outlined in management agreements.

Regularly communicate with insurance providers to stay informed about policy updates and changes in coverage options.

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