INSURANCE – PROPERTY MANAGEMENT

An important duty of the property manager is to maintain and make sure that all relevant insurance policies belonging to the managed premises are up to date and have adequate cover. His/her duties include:

• the property manager usually maintains records of current policies over the properties, extent of cover, and provisions.
• initiate action to renew in time
• initiate action to review the adequacy of the current cover. for example, alterations, change of use or increase in value of cost to rebuild. see extensions.
• attend to claims made by owners and tenants.