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.