Home Property Management Co. named on insurance policy?

[Bolo]

Hi,

I have been asked to sign a agreement with a property management company but there are 2 clauses that I'm not clear about

"Owner agrees to maintain sufficient and prudent all risks property insurance and that the Manager shall be an additionally named insured".

Is this normal to have the property manager named?

"Owner agrees to pay Manager’s legal fees related to Manager’s management of the herein-described property and any liability for injury on or about the property which may be suffered by any employee, tenant or guest upon the property"


I have the property insured for house and contents but as the property owner am I responsible for everything in the above clause?

The agreement looks like a cut and paste effort, with alot of it not reading correctly.

Any feedback appreciated.
Thanks

 

[Ravima]

what kind of development are you living in?

Are you in a development that is not yet taken over by local authority and has some form of management charges on the maintenance of the estate?

If you own a free standing house in an estate taken over by a local authority then there would not seem to be any reason why management company should be named on the policy.

if they are named on the policy, then any cheque wil lbe payable to you and the management company. This may cause problems in cashing the cheque. Even more problems if there is a mortgage company also named on the cheque.

 

[Claimsman]

Try the management company forum....somebody there will have the answer.