Posted by: jmwilsonmga | March 22, 2011

5 Reasons Why Property Managers Need Insurance Coverage for Property, General Liability and Professional Exposures

Whether they realize it or not, Property Managers have a need for package coverage that addresses not only their property and GL (general liability) exposures, but professional as well. Consider a few reasons:

  1. Increased litigation in our country is holding all professionals accountable for errors.
  2. The number of Tenant Discrimination claims is on the rise with a large percentage being driven by HUD and consumer interest groups.
  3. Courts have held property managers with an equity interest in a property to a highter standard of care.
  4. There has been an increase in the number of employment-related claims against property managers. Not only are they being sued by their own employees, but also by superintendents and maintenance staff employed by the owner of the complex.
  5. Property managers are commonly added as an additional insured on the general liability policy of the owner of the property being managed. This covers the property manager for the exposures at the managed location. However, property managers need coverage for Bodily Injury and Property Damage that occurs at their own office.

Independent insurance agents are able to bundle up one policy that provides the coverage a property manager needs to address these and other exposures.

About the Author : Cathy Baldwin, Marketing Manager

Cathy has been a member of the J.M. Wilson Team for over twenty years and currently serves as the Marketing Manager.  She oversees the marketing team, which provides marketing support for our underwriting teams in commercial transportation, property/casualty, professional liability, personal lines, and surety.  Cathy loves the variety in her position as marketing manager.  She has the opportunity to work with everyone at J.M. Wilson, our agents, and the companies we represent.  In her free time, Cathy loves to run and is training for the Kalamazoo Half Marathon.  She also enjoys reading and listening to music – her favorites range from Neil Diamond to Led Zeppelin.

Disclaimer :  This article is for informational purposes only.  There is no legal advice being suggested or proffered.  The author assumes no responsibility or liability for the actions taken or not taken by the readers based upon such information.  This article is the opinion of the author and is not supported or endorsed by J.M. Wilson.  It should not be relied upon and may contain inaccuracies or content may have changed over time, contact your underwriter for the most current and accurate information.  Any comments or responses are the opinions of their authors.  Content on this site is believed to be covered under Fair Use.

Copyright 2011 J.M. Wilson Corporation


Responses

  1. Cathy, Do you know of anyone out there that will write the Property Managers policy and cover them anywhere they work?? (In lieu of adding them as an additional insured. I don’t believe anyone would want to provide such coverage but was asked and came across your post here. Thanks

    • Hi Theresa! Thank you for your comment. Donna Rigley, our Manager serving your state, will be contacting you to answer your questions. Have a great day! -Kristin

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