All Forum Posts by: Mike A.

Is anyone sending letters to their tenants in regard to the COVID-19 outbreak? If so, anyone have a sampling of what they are using?

Originally posted by @Jason Bott:

@Mike A. every policy needs to be reviewed in its entirety for a claims adjusted to make a formal decision.

That being said, of all of those claims we have filed for clients this week those claims have already been denied.

Of the 40,000 clients we have, we have yet to have a Property policy respond to this.  

From a Work Comp Stand point you will see a lot of covered claims In next fewmonths if employees contract this while working.

Very true, but did they have a loss of rent / business income rider on their policy?  Since the tenant stopped paying (assuming), and evictions are stalled, that may not necessarily be because of the COVID-19 issue. Some tenants just do not want to pay and now we cannot evict. That is why we'd be filing for a claim on loss of business income due to the fact that we cannot recoup or rid ourselves of the tenants who are not paying rent due to the fact we're not able to sue for eviction.

No requisite means no requirement.  So, that would mean, I believe, there would be no requirement for direct physical loss or damage to the insured’s premises to trigger the coverage.

We just closed on a building today. Normally, we just go over and introduce ourselves, but the Coronavirus killed that. Heck, the insurance company is doing a "phone inspection" instead of visual inspection (this should be interesting).

Does anyone have a boilerplate message we could use to send out to all the tenants through e-mail and USPS mail? I need to also send them a link to join Tenant Cloud and sign-up for the service.  Lastly, we want them to have our contact information in case they need to reach out to us.

Open to suggestions as we just closed a this evening. Weird closing due to the coronavirus too. Took forever. 3 + hours.

I messaged my agent and asked if tenants are unable to pay and evictions are stayed, can I request loss of rent assistance from the insurance policy. Here was her response:

"In any shutdown due to a scare or pandemic of coronavirus, there would be no requisite direct physical loss or damage to the insured’s premises to trigger the coverage."

Does this mean I have coverage on loss of rents due to the coronavirus? She left for the day so I could not receive a response.

Originally posted by @Nick Rutkowski:

Originally posted by @Mike A.:

Just concerned if we're running into a brick wall due to this virus. NY/NJ suspends evictions so I am also concerned some tenants will cause issues.

I'm hoping NY suspended mortgage, utility, and taxes too. If that was the case I wouldn't mind forgoing evictions for non payment issues involving people being laid off due to this virus. I wonder if banks will give out mortgages if everything gets suspended.

I am wondering that as well. We have one closing supposedly this week, but I am not sure if that will happen due to basically no one moving and everyone staying at home during the State mandated quarantine (NY/NJ/CT). Our other closing has been put off until after the COVID-19 issue is handled.  Not sure what to do with this week's close.

We use Tenant Cloud. Each LLC should have it's own bank account.

Just concerned if we're running into a brick wall due to this virus. NY/NJ suspends evictions so I am also concerned some tenants will cause issues.

We have two closings within the next couple of weeks. One is a rehab, but currently has HAP tenants which were sent notice (I assume that's going to be stayed due to the COVID-19).  One closing is scheduled for Thursday, but we've not heard back from the bank yet. The second closing is two weeks from Friday.

Anyone faced with a similar issue; whether to close or not?

Originally posted by @Account Closed:

Originally posted by @Mike A.:

We received a CTC on a property a couple of weeks ago and we're awaiting the seller to set a date. The lender, traditional bank, issued a cleared to close to our attorney at that time. Can the bank now cancel the mort. due to these coronavirus fears? We'd lose our deposit as we removed to mort. contingency since we were cleared to close by the bank.

 Probably not, if it's related to Coronavirus. However, I've seen loans pulled at the last minute when the bank found out one of the borrowers had lost their job, or the couple went out and bought a household of furniture on credit before closing, things like that.

It's a commercial loan, so I am not sure if that matters or not.