CERTCON Services For The Real Estate Industry

Property Managers are responsible for verifying that the tenants leasing retail and office space are carrying the proper insurance. The lease agreements will usually contain indemnity clauses in which the tenant holds the landlord harmless for injury to anyone in their lease space.

The lease will require general liability insurance to be carried to back up this indemnity. The lease will also often require the tenant to carry insurance on their contents and on "betterments and improvements" made to the lease space.

The Problem Is...

• Checking Certificates of Insurance correctly takes more expertise than most people think.
• Understanding the intricacies of the additional insured, waiver of subrogation, transfer of rights, and other clauses requires experience in dealing with such.
• Checking them completely, responding, and following up is extremely time-consuming.
• You must, however, make certain that the other party carries the required insurance so that your insurance, or you, in the case of a high deductible, do not have to pay claims expected to be covered by the other party's insurance.

How CertCon Can Help:

The Property Manager can outsource to CertCon the myriad of activities associated with managing, monitoring, and maintaining certificates.

• Mail requests for certificates of insurance to tenants, and have them returned to CertCon. Follow up with notices if information is not returned.
• Analyze certificates of insurance for compliance with the lease agreements.
• Mail reports to tenants indicating compliance or non-compliance, and requesting corrections as required.
• Monitor expiration dates and request renewal certificates upon expiration.
• Re-analyze revised certificates and send follow-up non-compliance notices as necessary.
• Make the information instantly available online to allow property managers to stay informed of tenant compliance with insurance requirements.

Here Is What CertCon Web Report Information Will Indicate:

• If the tenants' insurance meets the lease agreement.
• Specific items of insurance in non-compliance.
• Non-compliance notices sent to tenants.
• Definitions of deficiencies in tenants' insurance.
• Tenants meeting accepted deviations.
• Insurance companies used by the tenants.
• A.M. Best ratings and licenses of companies used by tenants.
• Plus other pertinent tenant insurance information.