Mortgage Loan Officer · Graham, WA · Member since 2017 · 9 posts · 1 vote
We have a short term rental that we are leasing for four months to a business who will use it for their employees who are coming and going throughout the lease term. They want a copy of my insurance certificate. The request was prompted because I have a clause in the contract that limits them to just the subject property for recovery of any judgments against me and protects my other assets. I don't think I should have to provide them with my insurance information, but also can't think of a good reason why not to. Would you provide your insurance information? Why or why not?
A certificate of insurance is just proof of insurance. It doesn’t give them any additional rights or coverage under your policy. It just confirms that you do have coverage. If they are asking to be named as an “additional insured”on your policy, that is a whole different situation. A.I. status would be shown on a certificate of insurance and does provide additional rights and coverages to the named A.I. Talk to your own personal broker about the request. They can prepare a certificate of insurance that only lists the specific coverages and policies that apply to that location. You don’t have to share all of your insurance coverages available to your other assets.
We have a short term rental that we are leasing for four months to a business who will use it for their employees who are coming and going throughout the lease term. They want a copy of my insurance certificate. The request was prompted because I have a clause in the contract that limits them to just the subject property for recovery of any judgments against me and protects my other assets. I don't think I should have to provide them with my insurance information, but also can't think of a good reason why not to. Would you provide your insurance information? Why or why not?
So you want to be protected, but don't want to offer them any reassurance that their employees or company is protected? Business is a two way street. Call your agent and explain what they are asking for. Your agent can handle this. Getting your insurance information gives them no greater or lesser rights to file a claim. I would also make sure your insurance is applicable for short term leasing. Many policies don't cover this.