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    HobbyHorse's Avatar
    HobbyHorse Posts: 4, Reputation: 1
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    #1

    Apr 17, 2009, 02:26 PM
    Property Managers and Homeowners Ins.
    My property manager for a rental condo I own wants me to list him on my homeowners policy as a loss payee. He is NOT on my mortgage/title/deed. This is just part of the brokers management agreement he wants me to sign.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #2

    Apr 17, 2009, 02:34 PM

    Did he explain why?
    HobbyHorse's Avatar
    HobbyHorse Posts: 4, Reputation: 1
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    #3

    Apr 17, 2009, 02:42 PM

    No--just standard language in the brokers agreement.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #4

    Apr 17, 2009, 02:43 PM

    Ask why
    HobbyHorse's Avatar
    HobbyHorse Posts: 4, Reputation: 1
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    #5

    Apr 17, 2009, 02:51 PM

    He said the main purpose is to be protected as my agent under my insurance policy as the owner of the property in the event a tenant includes the broker in any litigation as the Broker can not obtain insurance on a property they do not own. I would think the business liability policy would cover the broker.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #6

    Apr 17, 2009, 03:03 PM

    That makes sense.
    HobbyHorse's Avatar
    HobbyHorse Posts: 4, Reputation: 1
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    #7

    Apr 17, 2009, 06:32 PM

    I understand why but just think the brokers own liability insurance company should cover them instead of mine. Thanks.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #8

    Apr 17, 2009, 07:32 PM

    Persoanlly I would not do it, being listed as a loss payee, does not cover him, he would have to be listed as a co insured, a payee only has their name on the check if there is a loss, they are not covered under the policy

    The story is bogus, Next he needs to have his own errors and ommission coverage and liablity coverage for his own actions.

    If you list him as a payee, if you have any claim at all, he would have to also sign the check to cash it, he could hold up payments and settlements.

    Tell him to take it out of contract or you will find a new agent
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