In: Management Request
Filing Window (Sub-Cycle) A: Last Digit of Block # 4, 5, 6 or 9 – February 21, 2015 – February 21, 2017
Certificates of Insurance are one of the most important aspects of information that we can collect from any vendor that is working in a building. Whether they’re hired by the building, a unit owner / shareholder or by a subtenant, all companies that enter into any of our buildings are required to first show proof of insurance.
At the very bottom of this post we have included a pro-forma Certificate of Insurance Requirements that we use within many of our buildings. This includes the standard amounts of insurance that our portfolio of buildings require. They include General Liability, Workmen’s Comp and Auto policies. Each time we collect a certificate we always note that the management company (Excel Bradshaw Management Group, LLC) and the entity that owns the building be named as Additional Insured and as Certificate Holders. This is to protect the building and the managing agent from any damage to the common area, damage to personal spaces and injury to workmen, residents and visitors.
There are a variety of times that the Certificate of Insurance will be required. Those times range from building wide work, personal alterations and decorations to move-ins and move-outs. Lock down those insurance certificates and not only will the management and Board be protected, but so will the assets of all of those unit owners and shareholders.
Pro-Forma Certificate Requirements: Click Here
This question and answer came from the forums on Habitat Magazine (http://www.habitatmag.com). The question was pertaining to a Shareholder who had taken on a roommate and wanted to know that if they left the roommate in the apartment without the Shareholder being present, can this be considered a sublet, even if the Cooperative Corporation doesn’t have a “sublet policy” in place.