- Joined
- Oct 10, 2007
- Messages
- 39
Dear Fellow REIN Member,
I`m a new REIN Member just signed on. I appreciate any experienced REIN Member who have used property Manager will have experience and can advise me on this regarding 2 Clauses in the Contreact that I`m going to sign.
Please kindly see the 2 clauses below and the response from my Insurance broker. Question: Are both clauses standard? Should I avoid to sign since I`m deprived of any legal suing privilidge if the Property Manager or their agent has any negligence and cause big damage? Your advice is greatly appreciated. I`m struggling if I sign the contract or locate another Property manager instead.
Response from my broker:
I have discussed the information that you provided us from the property manager with the
underwriter at ING.Please strike section C from the contract/agreement in it`s entirety. To summarize this section,
the Property Manager is asking you to agree not to sue them, regardless of the cause. The
Property Manager could cause damage, injury, death, loss of monies, fraud, etc. and if you agree to this
clause you would have no legal right to recover for any damages or expenses. You may also want to
have a lawyer review the remainder of the agreement prior to signing to ensure that there are no
other stipulations that may not be in your best interest.
We can add the Property Manager as an additional insured to your policy at no additional premium,
but require that you obtain a certificate of insurance from the Property Manager naming Hao Gu and
Yongmei Wang as additional insured, prior to adding them to the policy. The certificate must
show a minimum of $2,000,000 liability coverage.
All coverages are subject to policy conditions, limitations and exclusions.
**************************************
2 Clauses in the contract that I question whether they are standard Property Management Clause
b/ Carry at all times during this Agreement, at the Owner抯 expense, commercial general liability
insurance (including products and completed operations coverage) against any and all claims or
demands whatever arising out of, or in any way connected with the operation, leasing and maintenance
of the Property; such insurance to include an 揂dditional Insured Endorsement?naming xxxxx
Property Management Ltd. as additionally insured with regard to any liability arising out of the
operations of the property so as to protect the Agent in the Same manner as the Owner, and which shall
be in the minimum amounts of $2,000,000.00 for each injury or death of one person in each accident
or occurrence, and $____________ for property coverage; and provide a copy of such insurance
policy or policies to the Agent up request.
c) "Indemnify and hold the Agent harmless from any and all costs, expenses, attorneys?fees,
suits, liabilities, damages or claims for damages, including but not limited to, those arising out of
any injury or death to any person or loss or damage to any property of any kind whatsoever and to
whomsoever belonging, including the Owner, in any way relating to the management, operation,
control, or maintenance of the Property by the Agent or the performance or exercise of any duty,
obligation, or authority set forth herein or hereafter granted to the Agent.
I`m a new REIN Member just signed on. I appreciate any experienced REIN Member who have used property Manager will have experience and can advise me on this regarding 2 Clauses in the Contreact that I`m going to sign.
Please kindly see the 2 clauses below and the response from my Insurance broker. Question: Are both clauses standard? Should I avoid to sign since I`m deprived of any legal suing privilidge if the Property Manager or their agent has any negligence and cause big damage? Your advice is greatly appreciated. I`m struggling if I sign the contract or locate another Property manager instead.
Response from my broker:
I have discussed the information that you provided us from the property manager with the
underwriter at ING.Please strike section C from the contract/agreement in it`s entirety. To summarize this section,
the Property Manager is asking you to agree not to sue them, regardless of the cause. The
Property Manager could cause damage, injury, death, loss of monies, fraud, etc. and if you agree to this
clause you would have no legal right to recover for any damages or expenses. You may also want to
have a lawyer review the remainder of the agreement prior to signing to ensure that there are no
other stipulations that may not be in your best interest.
We can add the Property Manager as an additional insured to your policy at no additional premium,
but require that you obtain a certificate of insurance from the Property Manager naming Hao Gu and
Yongmei Wang as additional insured, prior to adding them to the policy. The certificate must
show a minimum of $2,000,000 liability coverage.
All coverages are subject to policy conditions, limitations and exclusions.
**************************************
2 Clauses in the contract that I question whether they are standard Property Management Clause
b/ Carry at all times during this Agreement, at the Owner抯 expense, commercial general liability
insurance (including products and completed operations coverage) against any and all claims or
demands whatever arising out of, or in any way connected with the operation, leasing and maintenance
of the Property; such insurance to include an 揂dditional Insured Endorsement?naming xxxxx
Property Management Ltd. as additionally insured with regard to any liability arising out of the
operations of the property so as to protect the Agent in the Same manner as the Owner, and which shall
be in the minimum amounts of $2,000,000.00 for each injury or death of one person in each accident
or occurrence, and $____________ for property coverage; and provide a copy of such insurance
policy or policies to the Agent up request.
c) "Indemnify and hold the Agent harmless from any and all costs, expenses, attorneys?fees,
suits, liabilities, damages or claims for damages, including but not limited to, those arising out of
any injury or death to any person or loss or damage to any property of any kind whatsoever and to
whomsoever belonging, including the Owner, in any way relating to the management, operation,
control, or maintenance of the Property by the Agent or the performance or exercise of any duty,
obligation, or authority set forth herein or hereafter granted to the Agent.