Adding property manager as additional insured

Adding property manager as additional insured by Winnie (AZ) on May 13, 2011 @11:55

The prospective property manager wants to be an additional insured on my liability policy. Does that hurt me in any way? Does anyone have an opinion about this? Thanks.

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Re: Adding property manager as additional insured by Eric (MN) on May 13, 2011 @11:57	[ Reply ]

I don't think it hurts you, unless the policy 'follows' them off your property. Or costs more. Talk to your insurance agent. The PM wants to make sure what they do on your property is covered. They should also have a liability policy, you should ask for their liability insurance coverage. It should be more coverage than you own.

Re: Adding property manager as additional insured by Katiekate (New York) on May 13, 2011 @12:11

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I am confused by this. The Property Managers I have dealt with all have insurance...not rely on mine.

Is this an individual? Not a business?

Re: Adding property manager as additional insured

Re: Adding property manager as additional insured by Bryan (Ia) on May 13, 2011 @12:30	[ Reply ]

What vested interest would the PM to be an additional insured on your policy? PM should provide their own business insurance.

Re: Adding property manager as additional insured by Jake on May 13, 2011 @12:41	[ Reply ]

When the property manager is negligent in some way and you are sued for more than the policy limits, guess who pays.

Re: Adding property manager as additional insured by Winnie (AZ) on May 13, 2011 @13:13	[ Reply ]

Thanks for all your feedback!

Re: Adding property manager as additional insured by Eric (MN) on May 13, 2011 @13:36

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With a PM, you need to have written criteria that they adhere to. What they will attempt to do, is bring in a subpar tenant that they will gurantee. What a gurantee is, they will replace the subpar tenant, with another subpar tenant.

Remember, a PM will get paid to find a tenant, get paid monthly, get paid to evict the the subpar tenant, get paid to cordinate fixing the damages that the tenant caused, then get paid to find a new tenant. They have no skin in the game.

Make sure a PM finds you a 650+ credit score tenant.

AMEN