property manager as named insured on condominium policy

People and entities being named on someone else’s policy is nothing new. People ask this to transfer the risk to someone else. If you lease a space, you will be asked the name the landlord, if you rent a hall for a party, you will be asked to name the hall as an additional insured.

So be prepared to have the property manager ask you to name them as additional insured.

Beware!  There are ways to do it and ways not to. Be careful to add anyone but your condominium as additional “named” insured. and never list their name first in the named insured section. Do you know who controls the policy and gets paid first? it is the “first named insured on the policy.

It is customary to have the property manager asked to be named on the general liability section, the fidelity ( employee dishonesty ) section or policy, and on the directors and officers policy.

There are so many different ways the companies handle it, you need to read it and be clear. Just because it says additional insured, Please read the fine print.

Most companies have been asked so many time to add the property manager as an additional insured, that they have just gone ahead and baked it into their policy.

Remember also, that the more people you add to the policy, the more people you are defending and covering with your limited limits.

Always read and ask questions

Good Luck!

 

here is a recent article I read from a lawyer on the subject.

 

Condo law

 

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