Is it typical for property managers to require the owner of the property to get liability insurance and list them (the property management company) as an additional insured person/entity? This guy is asking for $2million liability general aggregate insurance. (I'm not even sure what general aggregate means to be frank) Any help will be appreciated.
Yes I'd say it was usual to list them as additional insured. I have that arrangement, it's only an additional $50/yr on my insurance. (But hey, I don't know what "general aggregate means either, lol)
Are you saying the property management company don't have insurance? What they are saying if we screw up, we want your insurance company to be on the hook I would tell them to take a hike.
And yes, my property management company does have its own general liability insurance. But if there were a claim that were specific to my property (ice on the sidewalk, for example) then we could be seen as jointly responsible: me, because it's my property, and them because they are responsible for its maintenance. This insurance situation covers that sort of scenario.
Hi I wonder is this the all around insurance coverage? Does anyone know? What type of insurance should we get for rehab, or just holding on to the property before it's sold? What general questions should I ask? What bottom line insurance coverage should I have?