InsuraSync® – Automate Tenant Insurance Compliance
Effortless Compliance. Zero Hassle. Maximum Protection.
Monitored for compliance by InsuraSync®:
Getting Tenants to Submit Correct Proof of Insurance is Hard.
Property managers overseeing large portfolios with hundreds or thousands of tenants face numerous challenges in ensuring tenant insurance compliance. These challenges stem from the complexity and scale of operations, as well as the need to manage risk effectively. Here are some key challenges:
Volume of Certificates to Manage
- High volume of tenants: Large portfolios require processing hundreds or thousands of insurance certificates annually.
- Frequent updates: Insurance policies may expire or change during the lease term, necessitating ongoing monitoring and management.
- Manual workload: Reviewing and tracking compliance manually is time-intensive and error-prone.
Variability in Lease Requirements
- Custom insurance terms: Leases may have specific, tenant-dependent requirements, such as liability coverage limits, additional insured clauses, or endorsements.
- Inconsistent documentation: Tenants may submit certificates that vary significantly in format, terminology, or detail, making standardization challenging.
- Legacy Lease: Leases that tenants signed with a different landlord which are assumed in an acquisition.
Communication with Tenants
- Non-compliance follow-up: Communicating with non-compliant tenants and explaining deficiencies can require significant back-and-forth.
- Lack of awareness: Some tenants may not fully understand their insurance obligations under the lease.
- Delays in response: Tenants may be slow to address deficiencies, leading to prolonged non-compliance.
Tenant Retention and Relationship Management
- Balancing enforcement with relationships: Strict enforcement of insurance requirements can strain tenant relationships, especially if handled insensitively.
- Frustration over perceived complexity: Tenants may view compliance processes as bureaucratic or overly burdensome.
Risk of Human Error
- Complex review process: Verifying insurance certificates involves cross-checking multiple details against lease terms, which is prone to oversight.
- Lack of expertise: Property management teams may lack deep expertise in insurance, increasing the likelihood of errors or missed issues.
Technology Limitations
- No dedicated tools: Many property management platforms lack robust insurance compliance modules.
- Integration gaps: Existing tools may not integrate seamlessly with property management systems, leading to fragmented workflows.
- Data silos: Insurance data may be stored separately from other tenant information, creating inefficiencies.
Legal and Financial Risks
- Inadequate coverage: Non-compliance increases the risk that a tenant’s insurance will not sufficiently cover liabilities in the event of a claim.
- Exposure to lawsuits: Property managers may face legal exposure if tenant insurance gaps lead to financial losses for the landlord.
- Reputation damage: Persistent non-compliance can undermine trust with stakeholders, including landlords and investors.
Scalability Challenges
- Growing portfolios: As portfolios expand, managing insurance compliance becomes exponentially more complex without automated systems.
- Regional variations: Portfolios spanning multiple jurisdictions may face differing insurance regulations or lease norms.
Compliance Monitoring Over Time
- Policy lapses: Ensuring policies remain active and valid throughout the lease term requires continuous monitoring.
- Renewal oversight: Tracking certificate renewals and ensuring timely submission can overwhelm teams without adequate systems.
Reporting and Accountability
- Transparency demands: Property managers must provide detailed compliance reports to landlords or stakeholders, requiring accurate and up-to-date data.
- Audit readiness: Maintaining proper documentation for potential audits or claims is a significant administrative burden.
What is InsuraSync®
InsuraSync® is a tenant insurance compliance solution designed to help property managers, landlords, and commercial real estate professionals simplify the tracking, verification, and enforcement of tenant insurance policies. In market for 10 years, InsuraSync® is simply the most effective and most affordable solution available.
Why Choose InsuraSync®?
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.
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.
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.
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.
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.
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.
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.
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.
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.