errors and omissions insurance Property Management E&O Insurance | Axis Error & Omission
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Property Management E&O Insurance


Continuing high foreclosure rates and a sluggish economy have worked to increase risks for property owners. Around the country, property management companies are either failing to properly insure their properties or are dropping their coverage completely. Therefore, if a client/property is not fully insured with an errors and omissions insurance policy, the Property Manager will likely be held accountable in the case of an accident or injury. If the property is fully and properly insured, the property owner’s general liability insurance would typically respond to a lawsuit and extend protection to the property manager. That is why most errors and omissions policies do not include this type of claim, despite the possible lack of general liability coverage. This course of action creates a worrisome and significant gap in coverage for property managers. It is of utmost importance for property managers to request a current certificate of insurance from all clients. This will protect property managers from liability if the client does not have insurance, and will also act as notification if the client allows the policy to lapse. In these cases it is also crucial for property managers to receive annual updates as certificates can expire and property owners may change policies.

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Blogged on: June 9, 2011 by Mike Smith
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