PM additionally insured

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PM additionally insured

Steven S.
Indianapolis, IN · Member since 2022 · 11 posts · 1 vote

Good morning,

I am adding my PM to the insurance policy as "additionally insured". Should I also add them as "loss payee"? If yes/no what else I should pay attention to adding them.


What details do I need from the PM to add them to the insurance policy?

Thank you!

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Michael Murphy
Investor · Buffalo · Member since 2025 · 45 posts · 27 votes
1y

Loss payee is for a mortgage / lienholder.  A PM would just be an additional insured.

Name and address should be all you need to add as additional insured.  Some people are particular about how their name appears.

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  • Dan Baldini
    Property Manager · Indianapolis, IN · Member since 2016 · 16 posts · 16 votes
    1y

    Steven--generally best to reference the requirements in your PMA on how the PM company needs to be listed on your insurance policy so as to fully comply with the PMA but not "over comply" with it, if that makes sense.  Typically, you just need to have the company name and office address of the PM company to add them to your insurance policy--pretty simple process if your insurance company is any decent.  

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  • Steven S.
    OP
    Indianapolis, IN · Member since 2022 · 11 posts · 1 vote
    1y

    Thank you! It states "Agent, its officers, directors, and employees shall be named as additional insured".  Would the company name and address be suffice or I have to add this full statement?

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  • David PeschioBusiness Member
    Richmond, VA · Member since 2019 · 358 posts · 181 votes
    1y

    Yes - that should suffice but check with them to confirm

    [email protected]804-909-1929
    PMI Richmond4.4310 Reviews
    WebsiteView Page
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  • Michael Murphy
    Investor · Buffalo · Member since 2025 · 45 posts · 27 votes
    1y

    Loss payee is for a mortgage / lienholder.  A PM would just be an additional insured.

    Name and address should be all you need to add as additional insured.  Some people are particular about how their name appears.

    1Reply
  • Steven S.
    OP
    Indianapolis, IN · Member since 2022 · 11 posts · 1 vote
    1y

    Thank you all, I'll make sure to add their name and address as "additional insured" only.

    Any recommendations for an insurance carrier reputable and trustworthy for landlord policies. Besides the usual coverage, I would like to add water backup and underground service line. Goosehead was recommended to me, would like to know other options.

    Thank you!

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  • Michael Murphy
    Investor · Buffalo · Member since 2025 · 45 posts · 27 votes
    1y

    Goosehead is a broker and will have access to multiple carriers.  If you tell them that you need water backup and service line coverage they should know right off the bat which carriers can do that.

    Have you reached out to your agent that handles your personal lines?  A lot of the time you can get multi policy discount by having additional lines.

    I only have experience with NY carriers and a good carrier here might not even write in your state.  All of the underwriting guidelines and rates are state specific.

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