Property Preservation Contractor Qualifications

Property Preservation Contractor Qualifications

Property Preservation contractors are normally required to meet the following minimum requirements:

·         Maintain a General Liability insurance policy with a minimum coverage of $500,000 to $1,000,000.

·         Maintain  Errors & Omissions insurance coverage in the amount of $1,000,000

·         Add client as an additional insured under all liability policies.

·         Supply client with copy of the insurance certificate that shows they have been added to the policy.

·         Insurance renewals must be provided to client

·         Insurance certificate must provide a minimum of 30 days notice of cancellation or non-renewal

·         Workers Compensation coverage is required for every state the contractor covers or a waiver stating that your company is not required to carry workers compensation.

·         Must supply federal taxpayer identification number or social security number.

·         Must be thoroughly familiar with FHA and VA specifications as they relate to your area of coverage.

·         Present a copy of a valid driver’s license.

·         Provide a minimum of three property preservation related references.

·         Must have all necessary office and field equipment necessary for timely completion of assignments.