Analyzing an Insurance Policy
A property manager must understand exactly what is covered in an insurance policy; he or she must complete a thorough analysis of the policy.
When the policy is issued, it should be analyzed to determine:
- What the policy covers
- People and/or property insured
- Designation of the additional insureds
- The limits of liability
- Losses that are excluded from the policy
- Notification of cancellation (number of days)
Insurance coverage must continually be reviewed to determine if additional coverage is needed.
A sample insurance policy analysis form can be downloaded, free form members, from Forms & Tools.
Comments
Another good example of how beneficial IREM's Forms and Tools are.
We review our insurance policies typically ninety to one hundred twenty days prior to expiration for competitive pricing and coverage changes. The analysis is critical to determine potential problems with coverages and unexpected premium increases.
- Owen Ahearn | Flag this comment for review