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Property Preservation Contractor Insurance Requirements
Contractors are required to have Comprehensive General Liability, Errors and Omissions, Non-Owned & Hired Auto Liability coverage as well as Workers Compensation coverage. In order for a contractor to begin and continue business with SAMPLE COMPANY, the following insurance coverage is required:
Errors & Omissions in the amount of $1 million per occurrence / $1 million aggregate covering:
Residential property inspections
Delinquent borrower interviews
Commercial property inspections
Insurance loss inspections
Eviction services
Property preservation inspections
Property preservation estimates
Property preservation services (including but not limited to REO services)
Property repair estimates
Property rehabilitation services
Commercial General Liability in the amount of $1 million per occurrence / $1 million aggregate including coverage for:
Personal injury
Advertising injury protection
Care/Custody/Control coverage in the amount of $50,000
You must contact your insurance agent and instruct them to add “SAMPLE COMPANY” as an additional insured under all your liability policies.
You must deliver to SAMPLE COMPANY insurance certificates with SAMPLE COMPANY listed as an additional insured.
The Certificate of Insurance must provide for a minimum of 30 days Notice of
cancellation, non-renewal or material change to the policy.
You must submit to SAMPLE COMPANY proof of your participation in your state’s Workers Compensation fund by sending a copy of your Workers Compensation certificate for each state you work in.
Proof of renewal of all insurance coverage is required on or before current policy expiration.
The insurance company issuing your policy must be rated at least A-VII or better by the A. M. Best Company.
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.