All Forum Posts by: Jason DeVelvis

Thanks Jason! #1 makes a ton of sense, and #2 was really where my mind went. It's been a few years since I was actively selling insurance, but I ran through all the "worst case" carrier scenarios that my UWs would have relayed to me if I'd asked them to add a AI to a policy like this for a client. However, I can also see why the PM and PM's carrier would want to be able to file claims on the landlord's policy when it was warranted, as well. Which, I suppose, is why carriers are all over the board :)

Good to have front of mind, though, as I'm considering working with a PM so I'll want to make sure my policies are lined up properly to allow for an AI before I go down that path, to save us both time.

Thanks for helping me think through this, everyone!

Oh, wait, just had a thought. I've been considering this all from a Dwelling Fire point of view. But your GL carrier is asking for the AI endorsement, which would likely mean they're looking for it on the liability policy and don't care about the property? That's where I'm getting hung up - a PM has no insurable interest in the property itself, but I can see times where you could be named in a liability lawsuit resulting from a landlord's neglect of a property and it wouldn't make sense for their own policy to be in force for that.

Hey Peter, thanks for weighing in! Could you help me understand the need for being listed as Additional Insured? I get why the carrier would want another policy to help offset the total risk, but I can see the potential for a lot of confusion (and, potentially, declined claims) if a PM is AI on the rental policy.

No problem at all! I hope you get it worked out, one way or another!

Personally, I'd make sure they have a REALLY good reason to need to be Additional Insured. I'd have no issues adding them as Additional Interest, if they want to make sure they're aware if the policy cancels, but they'd have to have a really, really good reason to need to be an insured. Adding an additional insured to a policy gives them coverage that non-insureds don't have, which is likely what the carriers you're talking to are concerned about as well.

That's an... interesting request. Did they say why they need to be listed as additional insured on your policy? I can definitely understand why carriers wouldn't allow that in this situation. The property manager should have their own policy for general liability, and they have no insurable interest in your property physically.

@Zeke Liston - Could you send those to me, as well? Thanks!

As an ex-agent myself, I'd recommend going with a licensed agent instead of a self service company unless you've spent a lot of time studying the coverages and know what the options are so you an make an extremely educated choice about the coverages (it's not about the price, it's about the coverage when you have a claim)

One thing I'd recommend to everyone - EVERYONE - is an umbrella policy. Definitely for personal (with personal injury coverage if possible) but also for commercial if you have more than a few rentals or have an LLC/inc. 7 figures of coverage for just a few hundred per year? It's a requirement for me, and I'd recommend it for everyone. In fact, if I went to a new agent and he or she didn't recommend an umbrella at least once, I'd find a new one.