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Manage your property. We’ll handle the insurance.
If you manage residential or commercial properties, you face a diverse set of risks and potential losses. From liability issues to damage protection, we’ll help you navigate the world of property manager insurance and design coverage that’s a perfect fit.
To protect against all the risks you face in property management, you’ll need an insurance policy with several key components. The biggest are general liability, errors & omissions and tenant discrimination.
General liability is the element that virtually all businesses need to consider. It covers you against the costs of injuries and property damage that other people suffer on your property and for which you are held liable. Look for policies that cover your legal costs as well as damages.
What happens when your condo or co-op building faces a large liability loss that exceeds the basic limit of your standard policy?
A commercial umbrella policy will provide extra coverage over and above general liability, directors and officers liability, auto liability, and employers liability policies. Limits start at $1,000,000 and go as high as $200,000,000.
Actual policies must be consulted for specific terms and conditions.
With technology performing many tasks in today's world, a breakdown can cause a significant financial burden, including the cost to repair the equipment and any resulting lost income or extra expenses.
Comprehensive coverage provides protection against equipment mechanical breakdown for machinery such as heating and cooling equipment and elevator motors.
Actual policies must be consulted for specific terms and conditions.
Condo and co-op associations may face severe financial consequences from property loss due to fire, wind, or other causes.
Commercial property insurance should provide coverage for damage to the building, personal property owned by the association, and income lost due to a covered cause of loss.
Actual policies must be consulted for specific terms and conditions.
Technology has spun a whole new web of liability exposures including the need for protection of privacy, data, and financial information for your association residents. Breach of their data can result in costly fees and lawsuits for the association if held liable.
Cyber liability coverage covers fees and lawsuits resulting from the breach of personal data, assuming that the association is liable.
Actual policies must be consulted for specific terms and conditions.
Pollutant clean-up is generally excluded from the basic policies. Leaking of a fuel tank can be very costly to remediate.
leak from the tank or related pipes.
Actual policies must be consulted for specific terms and conditions.
Pollutant clean-up is generally excluded from the basic policies. Leaking of a fuel tank can be very costly to remediate.
Environmental insurance provides coverage for clean-up costs and third party lawsuits as a result of a leak from the tank or related pipes.
Actual policies must be consulted for specific terms and conditions.
Condo and co-op associations are susceptible to many risks, such as claims due to bodily injury, property damage, personal injury, and more. The association could also face lawsuits from claims associated with common areas such as hallways, stairwells, swimming pools, and parking areas.
General liability insurance is an absolute necessity for any association. It provides coverage for legal fees and judgments when the association is named in a covered lawsuit.
Actual policies must be consulted for specific terms and conditions.
Typically the policies for the association exclude coverage for the sponsor or holder of unsold shares for the interior of the units they own
A policy should be maintained to provide coverage for what you are responsible for within the unit, as well as any lost income and lawsuits resulting from acts within the unit.
Actual policies must be consulted for specific terms and conditions.
Directors and officers (such as board members) can be held accountable for decisions they make in the performance of their duties. Any resulting lawsuits are typically expensive to defend and can result in potentially large settlements.
Directors and officers liability insurance provides coverage for the legal costs to defend a covered lawsuit and may also provide the money necessary for any resulting judgments.
Actual policies must be consulted for specific terms and conditions.
Pollutant clean-up is generally excluded from the basic policies. Leaking of a fuel tank can be very costly to remediate.Crime and fidelity bond insurance is designed to provide coverage to cooperative and condominium associations to protect them from theft of funds or association-owned personal property by an employee, board member and in some cases, the property management firm.
Crime and fidelity coverage is designed to provide coverage for employee dishonesty, forgery and alteration, computer fraud, counterfeiting, and more.
Actual policies must be consulted for specific terms and conditions.
Errors & omissions, also called professional liability, is not so much about the property itself, but rather the decisions and actions you take as property managers. Some examples include disputes over whether you followed eviction procedures correctly, and cases where you mistakenly hire contractors who aren’t adequately licensed.
Tenant discrimination covers you against claims that you acted unlawfully in deciding to whom to rent property, how much you charge and what conditions you specified. This can be a legal minefield, so knowing you’re covered against such claims can be a major relief.
For insurance policies that cover these and other risks of property managers, contact us today.
