The Master General Liability is a beneficial product for both the landlord and the property manager. The liability is afforded for the specific property location. This policy would protect the landlord and property manager from claims that arise at the property in which the landlord and property manager might be listed in a lawsuit.
General Liability provides protection from lawsuits brought by a 3rd party for alleged bodily injury, property damage, personal injury, and advertising injury. (See common exclusions below)
Many Dwelling Fire policies will not add the Property Manager as an Additional Insured. From the owner's standpoint, listing the Property Manager as an Additional Insured helps make the claims or litigation process easier. When one policy extends to both parties, they are able to present a unified defense, with one insurance company representing both. It not only streamlines the process but reduces costs all around.
Without an Additional Insured endorsement, the Property Manager would have to cover any expenses up front and then seek reimbursement from the property owner directly under their indemnification clause – a much more time-consuming and costly process.
LOW MONTHLY COST
$1,000,000 in liability coverage per property is available at a very low cost of $25 per month.
- $1,000,000 in liability protection per property
- Covers 3rd party lawsuits for alleged bodily injury, property damage, personal injury, and advertising injury (common exclusions included)
- Covers both owner and property manager
- No deductible.
We have partnered with Surevestor, the exclusive U.S. provider of the Scheer Protection suite of specialty insurance products. Scheer Landlord Protection offers owners protection against tenant income loss and much more. The Dwelling and Tenant Liability Insurance policies make life easier and more profitable.
FAQ's for Liability Insurance
What is General Liability?
General Liability provides protection from lawsuits brought by a 3rd party for alleged bodily injury, property damage, personal injury, and advertising injury.
I already have general liability insurance as part of my dwelling policy. What benefit is this for me?
Most dwelling policies will have a liability limit of $300,000 and maybe up to $500,000. This protection extends coverage up to $1,000,000 for both you and your management company. Most property management agreements require the owner to list the management company as additional insured.
What is this Master General Liability offering?
The Master General Liability is a beneficial product for both the landlord and the property manager. The liability is afforded for the specific property location. This policy would protect the landlord and property manager form claims that arise at the property in which the landlord and property manager might be listed in a lawsuit. General Liability is now being screened for properties that are in areas rated D or F for violent crimes. Consequently, properties in these violent crime areas will not be eligible for the general liability. The other products are not affected. What this means is that when submitting a new property, the carrier will screen it and if rated a D or F for a violent crime area, it will not be accepted. These areas are defined as having a high volume count of Murder, Forcible Rape, Forcible Robbery, Aggravated Assault, Theft of Personal Property, Larceny, and Motor Vehicle Theft
Why is adding my Property Manager as Additional Insured necessary?
When a property manager is hired they take on almost all of the responsibilities as if they were the homeowner. As such, if something were to go wrong, such as personal injury, the Property Manager is often the target, in place of the owner, of any resultant litigation. For this reason, almost all reputable property management firms have a strong indemnification and hold harmless clause as part of their management agreement. If the management company is properly listed as Additional Insured, the coverage will automatically be extended to both parties as needed. In the worst of cases, if a major litigation claim takes place, it is likely that both Property Manager and Owner would be named as co-defendants. Having the owner policy extended to both, would create a unified defense, with one insurance company defending both, streamlining the defense process and significantly reducing total legal expenses for all for which the owner (or the insurance company) is ultimately responsible.
Can I see a copy of the Liability Insurance Policy?
Yes. You can download the Surevestor Master Evanston Liability Insurance Policy.
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