How vital is it to track tenants lease required insurance coverages?
Any recommendations of a platform to track the compliance of COIs would be appreciated!
[{"id": "hz6x0vu", "text": "myCOI", "replies": [{"id": "hz7xmhz", "text": "website looks it would be useful. Any idea the cost?", "replies": [], "depth": 2}], "depth": 1}, {"id": "hz7vjf1", "text": "Well for our properties I manage the tenant is required to list the owner as an additional insured, which doesn't typically change the cost for the business. That way if the policy gets canceled, we get notified. So it's not hard to track that way. Just make sure it gets setup, and then if you get a cancellation you know it's not anymore.", "replies": [{"id": "hz85326", "text": "But how do you know that the COI your tenant submits is compliant with their lease requirements? If the only thing you are tracking is additional insured status, you may want to reconsider how you track your COIs.", "replies": [], "depth": 2}, {"id": "hz855ha", "text": "We do the same plus keep an excel sheet of when the insurance expires and will follow up", "replies": [{"id": "hz8bdh3", "text": "Ya I feel like op is overthinking it a bit.", "replies": [{"id": "hz97jwm", "text": "Yeah not that bad of a thing to do when you have the correct systems in place. We\u2019ve had a couple of recent industrial unit flood calls and since they are responsible for plumbing unless it\u2019s a mainline usually then those insurances are very important for both the tenant and neighboring tenants that may have got damaged", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hzb37jg", "text": "It's vital in my opinion. If you're working with the sale or refinancing of a building, they would want to see copies of compliant COI's anyway. It's a PIA to set up initially, but worth it if you're looking to have a tracking company in place for all ins reqs, tenant and vendor. I've used BCS Certus, they were really responsive and good to work with.", "replies": [], "depth": 1}, {"id": "i4coob8", "text": "Hey, I work at a software company that handles this process and would love the chance to chat with you about it. \n\nNot looking to pitch you or anything, would genuinely love the chance to discuss with someone who deals with this process about what works and what doesn\u2019t and what kinds of things you\u2019d look for in a solution. Thanks!", "replies": [], "depth": 1}]