PRESENTED BY GREAT PRAIRIE RISK Third Party Administrator and Claims Management Group dedicated to the Multifamily Housing Industry
• Leaving compliance to Property Managers – Not the correct approach • Property Managers are too busy with day to day operational issues • Insurance paperwork sent to properties gets lost in the shuffle - Takes a back seat to the daily pressures of running an apartment community • Property Managers don’t necessarily understand or appreciate the potential consequences of not following up in the event of policy cancellation or non- renewal • New leases and lease renewals (revenue) are primary objectives for Property Managers
GREAT PRAIRIE RISK GETTING STARTED • Create portfolio database – Separated by property • Start with rent rolls and copies of all certificates on file • Great Prairie Risk notifies renters’ carriers and producers/agencies of our status as agent of the landlord • Required to notify Great Prairie Risk of any changes in coverage, cancellation, or non-renewal • Landlord is interested party to the insurance coverage pursuant to the lease, or a certificate holder, or is similarly situated to a mortgagee • Failure to notify may result in a claim being asserted against the carrier, producer, or agency
• New resident information • Insurance verification upon move-in • Rent rolls on a quarterly basis – Allows for checks and balances on new resident information • Any change in Property Managers – Allows us to educate on the importance of the program • Repetition is the key to a meaningful compliance program
• Track expiration dates of existing policies • We become your official “Notice Entity” for any changes in coverage • Immediately contact Property Managers if a change is communicated to us • Provide quarterly exception reports to management
• Majority of work occurs within first few months • Portfolios with approximately 20,000 units compliant within 3-4 months • Key is communication and interaction with Property Managers • Repetition, Repetition, Repetition
• Dedicated team – Their only job is verifying and tracking insurance coverage • Risk of incurring an uninsured loss significantly less than if program is self-administered • Track the percentage of coverage by carrier(s) on your portfolio • Marketing tool for property insurance renewals • More time available for Property Managers to do what they do best – Run the community
• First year - $6 per unit (units not utilizing a preferred carrier) • Subsequent years - $4 per unit • Preferred carrier units - $2 per unit for identification and tracking purposes (assuming the preferred carrier is providing coverage notifications to management) • Portfolios in excess of 20,000 units will receive additional price reductions • Multi-year contracts allow for additional savings • Allocate costs back to properties • One or two uninsured losses can easily exceed the cost of this program
Illinois Office: 111 S. Pfingsten Road, (Main Office) Suite 165 Deerfield, Illinois 60015 Florida Office: 2340 Periwinkle Way, Suite M2 Sanibel, Florida 33957 Colorado Office: 720 S. Colorado Blvd. Suite 452-S Denver, CO 80246
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