Insurance Requirements

Property Preservation Insurance Requirements

Preservation contractors are normally required to meet the following minimum requirements:

  • Maintain a General Liability insurance policy with a minimum coverage of $500,000 to $1,000,000.
  • Maintain  Errors & Omissions insurance coverage in the amount of $1,000,000
  • Add client as an additional insured under all liability policies.
  • Supply client with copy of the insurance certificate that shows they have been added to the policy.
  • Insurance renewals must be provided to client
  • Insurance certificate must provide a minimum of 30 days notice of cancellation or non-renewal
  • Workers Compensation coverage is required for every state the contractor covers or a waiver stating that your company is not required to carry workers compensation.
  • Must supply federal taxpayer identification number or social security number.
  • Must be thoroughly familiar with FHA and VA specifications as they relate to your area of coverage.
  • Present a copy of a valid driver’s license.
  • Provide a minimum of three property preservation related references.
  • Must have all necessary office and field equipment necessary for timely completion of assignments.