Securing a copy of any contractor’s liability insurance coverage—prior to any job being started [for example…roofing contractors, carpet installers, plumbing repairs, electrical contractors, HVAC repairs and/or paving companies], must be a top priority…for those who own apartments, commercial and other real estate buildings/assets.
What are the policies and procedures for how your property management company hires and verifies the validity of a contractor?
Below are two related articles tied to contractor mishaps–and a reminder of the importance of verifying that your contractors have current liability policies in place. Please share these stories with those on your leadership, leasing and maintenance teams~
Contractor Cause Five-Alarm Fire
http://www.woio.com/story/17286714/lcontractor-hits-gas-line-causing-huge-apartment-blaze-in-lyndhurst
Contractors Being Sued For $2MM After Fire
http://nashvillepost.com/news/2012/3/1/hickory_woods_owners_sue_contractors_for_2m_fire_damage
Within your property management company—-how often do you check and update the records of the contractors you utilize for repairs at the apartments, commercial and other real estate buildings/assets you own/manage? Do you require that your property management company is listed on the policy as an additional insured while the work is being performed?
Focusing on contractors…how does this tie into your real estate and apartment/commercial business insurance coverage? What is required from your insurance company…regarding the hiring of contractors—prior to their getting started? If a contractor is not protected by an insurance policy…do you know how it will affect your insurance coverage?
Would you like our team to do a comprehensive review of your real estate building insurance coverage—related to contractors liability?
To learn more about this topic and to read the news, trends and ideas being shared by PM leaders—join the discussion thread below~with 60+ posts.
Industry Knowledge, Real Estate Building Insurance
http://www.linkedin.com/groupItem?view=&gid=36805&type=member&item=76772122&qid=0dc2d3c2-c9cd-4dc8-b481-ed2e4f93d5cb&goback=%2Egna_36805
Crag Simmons
Power Insurance & Risk Management Group
http://www.PIRMG.com
