Your landlord is asking you for a certificate of insurance before you get the keys to your office. What exactly is this document? What does it say? Why does your landlord require this?
Below, I have outlined a few of the key insurance terms you will hear from a landlord or property manager. By having a rough understanding of these terms, you will be more equipped to communicate with your landlord and your insurance agent.
CERTIFICATE OF INSURANCE (COI)
GENERAL LIABILITY INSURANCE
You’ve probably heard a landlord say they need “a million-dollar policy”. This is only half true.
The insurance company has an additional way to stop or limit their loss exposure, and they do this by adding an “aggregate limit”.
ADDITIONAL INSURED ENDORSEMENT
As a business owner, you have plenty to worry about. Don’t get caught having to managing your vendors - like insurance agents. Working with Wind Water Realty helps you to focus on what you do. Our network of brokers, insurance agents, contractors, attorneys, and other other professionals work together to support your objectives.
This post is a summary only, and does not constitute legal or insurance advice. Consult with your insurance agent to address your specific insurance requirements.
For more information on insurance requirements, please feel to contact me.
Insurance License Information:
Commercial Management Insurance Services, Inc.
22875 Savi Ranch Parkway Suite K, Yorba Linda, CA 92887
CA License: 0D85858
Real Estate License Information:
Wind Water Realty
2860 Michelle Drive, Suite 150, Irvine, CA 92606