The Problem Is...
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Checking Certificates of Insurance correctly
takes more expertise than most people think.
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Understanding the intricacies
of the additional insured, waiver of subrogation,
transfer of rights, and other clauses, requires
experience in dealing with such.
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Checking them completely
and then responding to them and then following up in them
is extremely time consuming.
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You must, however, make certain
that the other party carries the insurance required,
so that your insurance, or you, in the case of
a high deductible, will not have to pay
claims that you expect the other party's insurance to pay.
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The Property Manager can outsource to
CERTCON
the myriad of activities associated with managing,
monitoring, and maintaining certificates.
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Here Is What
CERTCON
Will Do!
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Mail
requests for certificates of insurance to tenants, and have
them returned to
CERTCON.
Mail follow-up notices where information is not returned.
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Analyze
certificates of insurance for compliance with the
lease agreements.
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Mail
reports to tenants indicating compliance or non-compliance,
and requesting corrections as required.
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Monitor
expiration dates and request renewal certificates upon
expiration.
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Re-analyze
revised certificates and send follow-up non-compliance
notices as necessary.
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Make
the information instantly available to the property manager via
the internet so they may stay informed of the tenants'
response to the contracts and to the insurance
requirements.
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Here Is What
CERTCON
WEBREPORT
information will indicate:
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If the tenants' insurance meets the lease agreement.
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Specific items of insurance in non-compliance.
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Non-compliance notices sent to tenants.
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Definitions of deficiencies in tenants' insurance.
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Tenants meeting accepted deviations.
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Insurance companies used by the tenants.
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A.M.Bests Rating Service ratings and licenses of companies
used by the tenants.
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Plus other pertinent tenant insurance information.
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