 Prop Mgmt insurance (by elliot [RI]) Oct 18, 2018 4:16 PM
 Prop Mgmt insurance (by Ken [NY]) Oct 18, 2018 5:20 PM
Prop Mgmt insurance (by Julie [KS]) Oct 18, 2018 6:02 PM
Prop Mgmt insurance (by Robert J [CA]) Oct 18, 2018 9:51 PM
Prop Mgmt insurance (by Livethedream [AZ]) Oct 18, 2018 10:12 PM
Prop Mgmt insurance (by elliot [RI]) Posted on: Oct 18, 2018 4:16 PM
Message:
I manage 2 buildings for a neighbor/friend of mine as sole proprietor, not a company .. (under the table, I am 50% investor - a private joint venture agreement , on the book, he is the sole owner, ).
With my 10+ years experience in managing my own properties, the common claim is slip/fall in winter time or anytime. My insurance company is pretty good at defending me in all the cases I have.
I am concerned about any potential law suits/claims from these 2 properties. I have talked with my insurance agent about a separate property management insurance. He has sent out bunch requests and I haven't got anything concrete back yet.
Do anyone have any experience in this area?
--71.232.xxx.xxx |
Prop Mgmt insurance (by Ken [NY]) Posted on: Oct 18, 2018 5:20 PM
Message:
I recently sold a 2 family I owned with a partner,same thing she is the sole deeded owner and we have a joint venture agreement,the house was in her name,insurance in her name.We had a slip and fall claim which they sued her,the insurance company hired an attorney and they know I am involved as does the guy who got hurt and his attorney.We have no problem with the insurance company,they are defending us even though I am not on the deed.I would think in order to buy insurance as a property manager you would have to be licensed as a broker if your state requires it --72.231.xxx.xxx |
Prop Mgmt insurance (by Julie [KS]) Posted on: Oct 18, 2018 6:02 PM
Message:
Have owned a PM biz for the past 15 years. Have never carried anything but a standard business policy. Has covered a couple break-ins & a kid miraculously falling off a porch & hurting his shoulder the day before he was evicted.
Insurance provided an attorney, the case was in play for 5 years going back & forth, never did find out how much they were going for but they finally settled for $500 when our attorney told them we were done, no more continuances. --104.128.xx.xxx |
Prop Mgmt insurance (by Robert J [CA]) Posted on: Oct 18, 2018 9:51 PM
Message:
As a licensed contractor, owner, investor, developer and property manager, I make my clients put me on their policy as an additional insured. If the insurance company requires I have an ownership in the property, they by contract I have take an interest. Usually $1, $100, $1000 or 1% -- which ever get the job done. Every year I get a copy or the insurance declaration page listing me as an additional insured. So if there's a law suit, I'm covered.
One time the adult daughter moved into a medium sized apartment building owned by my client. She allowed her angry abusive boyfriend to move in. One day when he was beating her up, slapping, screaming, pushing, I entered the unit and stopped him from this type of unacceptable conduct. Of course the wife/daughter said her boyfriend wasn't doing anything and I was just jealous and tried to make a move on her. I had 7 other tenants from other units witness the fight before I even came to the property.
Had I not had coverage on the owners policy, they mom, boyfriend and abusive boyfriend would have sued me. I stop working for that client. In a few months the daughter was taken to the hospital for being knocked out with a black eye and swollen face. The boyfriend was arrested and the mom evicted her daughter. It is easier to have another child then to find a good contractor/manager. --47.156.xx.xx |
Prop Mgmt insurance (by Livethedream [AZ]) Posted on: Oct 18, 2018 10:12 PM
Message:
I hear CA just legalized recreational pot... it must be pretty good stuff. :) --47.216.xx.xxx |
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