The work you manage
Describe the properties you manage and the services you provide: leasing, rent collection, maintenance coordination or work performed by your team. Changes in those services are a reason to revisit your insurance.
Property management businesses
Property Management Insurance in Oklahoma
Managing a property is a business of its own. Review the work you perform, the responsibilities you accept and how your policies relate to the property owner’s insurance.
A request does not bind coverage or change a policy.
Start with your responsibilities.
A building policy and a management business’s insurance serve different purposes. Begin with a clear picture of who does what.
Agreements and responsibilities
Have management agreements and any insurance requirements available for review. Identify which party arranges building insurance and how contractors or vendors are involved. Insurance review does not replace legal advice about an agreement.
Your business’s liability needs
Ask how available liability options relate to your operations and professional services. An owner’s policy should not be assumed to cover the management company, and a certificate alone does not change policy terms.
People, vehicles and equipment
Include employees, business driving and equipment used in maintenance or inspections. Tell us which work is handled directly and which is assigned to others so the review reflects the actual operation.
Before you request
A few useful answers
Do you also review the buildings?
For building limits and rental-property exposures, see Property Owners. Tell us if the same business both owns and manages properties so those responsibilities can be considered together.
Does a management agreement establish insurance coverage?
No. An agreement may set requirements, but coverage depends on the applicable policy and endorsements. Bring the requirements for review before assuming they are satisfied.