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TENANT INSURANCE MANAGEMENT

Introducing InsuraSync Ⓡ , commercial real estate’s only end to end, submission to compliance solution

Monitored for compliance by InsuraSync: Ⓡ

70% of tenants submit proof of insurance that does not meet the requirements of the lease they signed.

With 8 years in-market experience and through the processing of thousands of tenant proof of insurance submissions annually, our data remains consistent. Regardless of the client, the location, or the size of portfolio, less than 30% of tenants are compliant with the insurance requirements in their lease.

InsuraSync Takes Low Tenant Insurance Compliance (30%) to High Tenant Insurance Compliance (94%) in 120 Days

How It Works

1. Review Lease

We review ALL tenant leasing agreements and capture insurance requirements by tenant.

2. Request

We request a current certificate of insurance from the client or from the tenant (if the client does not have).

3. Collect

We create highly secure and personalized online web pages for tenants to upload their Certificate of Insurance (COI).

4. Verify

Our Compliance Team verifies every tenant document uploaded to ensure it is complete, current, and accurate with the lease insurance requirements. If compliant, confirmation of compliance is sent to the tenant.

5. Collaborate

If the tenant submitted COI is not compliant, our Compliance Team works collaboratively with the tenant (and their broker) to identify and correct areas of non-compliance.

6. Maintain

Tenant certificates are maintained through a system of automated and manual notifications, letting your tenants, as well as you, know when critical insurance has or is about to expire.

7. Store

Every notification, response, exchange, and all documents are captured and stored on our secure servers, as well as backed up on Google servers.

8. Access & Reports

Credentialed users can view, print or share current tenant certificates of insurance – from any device, anywhere they have an internet connection. Daily Tenant Insurance Status Reports are sent to key administrators.

Powerful Reporting

Landlords spend a great deal of time, resources and money to develop a portfolio risk financing or insurance program that best protects both the landlord and the tenants that occupy landlord properties. A crucial part of this portfolio insurance program are the tenant requirements.

Even a Simple COI has Over 20 Points of Verification

Most property managers check for correct Certificate Holder, Additional Insureds and Liability limits. However, they lack the time and experience to thoroughly check compliance to all of the lease requirements, leaving the organization and the tenant potentially exposed.

Quarterly Summary Reports

• Sent quarterly to all Property Managers and Administrators

• Indicates current non-compliance rate across portfolio

• Indicates the areas of deficiency ranked by frequency of occurrence

Tracks: Certificate Holder, Additional Insureds, CGL Limits, CGL-Types of Coverage, All Risks Coverage and Limits, Business Interruption Coverage, 30 Day Notification.

Daily Tenant Status Reports

• Sent daily to all Property Managers and Administrators

• Tenant listing organized by property and placed in the proper PM/PA tab

• Indicates current compliance status of each tenant

• Indicates when the tenant was last contacted and what was said

• Colour coded to simplify PM/PA interactions

Tracks: Tenant name, tenant address, expiry date of doc on file, insurance requirements on file, tenant document received, Holdco correctly listed, dates of notices, date of last contact, current tenant contact info and relevant notes.

Why Choose InsuraSync Ⓡ?

It’s time to stop hoping your tenants are sufficiently insured against sudden losses.

Centralized Secure Document Storage

All tenant insurance documents are stored on secure dedicated, fully redundant servers and are available to credentialed users from a centralized location.

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Consistent Application of Tenant Insurance Compliance

Portfolios can have several Property Managers and Administrators. There can be a discrepancy in the diligence applied to tenant insurance compliance from region to region. InsuraSync ensures that insurance compliance remains a priority and that every tenant has the same great experience.

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Real-Time Visibility to Tenant Compliance

Every approved client user is given access to the client dashboard where they can view current tenant status and view all applicable tenant insurance documents.

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Enhanced Property Manager/Administrator Engagement

We involve the Property Managers/Administrators (PM/PA) in the tenant compliance process by asking for their help when necessary. Over time, PM/PA involvement leads to a solid knowledge base and more confidence when dealing with tenant insurance.

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Excellent Tenant Services

InsuraSync is a powerful tenant service. Most tenants are not insurance experts and rely on insurance brokers to review their lease and provide required coverages. We review the tenant’s insurance and confirm their compliance with the lease, or work collaboratively to correct.

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Better Tenant Relationships

Our culture is based on availability, urgency and accuracy. Tenants can talk to a live agent Monday through Friday from 8:00am to 8:00pm eastern. Users can also access our webpage Live Chat feature 24 hours a day, seven days a week, where a live agent will answer any questions. Tenants like our prompt responses and our availability to respond to their questions.

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Lower Cost of Insurance

Industry statistics place tenant underinsurance at around 75%. When a substantial loss event occurs and the tenant does not have sufficient coverages, a claim is often made against the landlord insurance policy to cover tenant deficiencies. Claims raise premiums. The best way to minimize claims against the landlord policy is to be proactive by ensuring all tenants are properly protected and in compliance with the lease they signed.

Properly Insured Tenants

Tenants do not want to find out they were underinsured after a loss has occurred. InsuraSync shows the tenant specific deficiencies in types or limits of coverage in their policy and works with them and their broker to correct. InsuraSync ensures tenants are properly insured before a loss event, so are protected in the event of a loss.

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Here's Why You Need InsuraSync Ⓡ

For Landlords

Organizations spend a lot of time and money developing their portfolio insurance strategies. Tenant insurance requirements are developed to dovetail into the overall portfolio strategy.

These requirements are put in tenant leases for very good reasons. If you are not measuring your tenant’s compliance to these requirements, then why are you including them in the lease? Every tenant insurance requirement must be measured to the lease they signed in order to preserve the integrity of the portfolio strategy.

For Tenants

The vast majority of tenants are not insurance experts. In fact, most are intimidated by the legal jargon contained within their lease and rely on the broker to provide the required coverages.

InsuraSync lets them know their proof of insurance submission is compliant with their lease. More importantly, if the submission is not compliant, InsuraSync lets them know specifically where they are not compliant on the COI, provides the actual lease excerpts to support, and works collaboratively to correct. 

What Our Users Are Saying

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“Great customer service and very quick!”

– Good rated Live Chat

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Very helpful and knowledgeable staff. Took time to listen to my needs and answered my questions promptly.”

– Phone feedback by a tenant user

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“Quick, friendly and helpful!”

– Good rated Live Chat

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“Thank you so much for the prompt service and detailed explanation! Those updates will be provided soon.”

– Insurance Broker on behalf of tenant

Are You Ready to Protect Your Assets and Align Your Portfolio?

One of our experts will contact you to discuss your portfolio, demonstrate the various InsuraSync user experiences and provide pricing.