COI Management Services for Landlords
Stay Compliant, Minimize Risk, Protect your Properties, with our
COI Management Services.
Contact us today! If you're interested in learning more about how we can help you with your COI management needs, please fill out the form below.
As a landlord, ensuring that your tenants, vendors, and contractors carry valid insurance is crucial to protecting your properties. However, keeping track of expiring policies, missing certificates, and non-compliant coverage is time-consuming and risky.
At RE BackOffice, we take the hassle out of Certificate of Insurance (COI) management, ensuring your tenants and service providers meet their insurance obligations-so you stay compliant and protected.
Why Landlords Trust RE BackOffice for COI
Management?
Eliminate Compliance Headaches: We collect, track, and verify COIs, ensuring your tenants and vendors meet lease or vendor requirements.
Experience and Expertise: With nearly two decades of lease administration expertise, RE BackOffice ensures accurate, compliant, and detail-oriented COI management, catching nuances others might miss.
Mitigate Financial & Legal Risks: Avoid liability issues caused by uninsured or underinsured tenants and service providers.
Audit-Ready Documentation: Stay prepared with real-time compliance reports and organized records for quick access.
Scalable & Cost-Effective: Whether you own a few properties or a national portfolio, we provide tailored solutions that scale with your business..
How Our COI Management Works
for Landlords?
COI Collection & Verification: We request COIs from tenants and vendors and check for compliance.
Tracking & Expiry Monitoring: We maintain an up-to-date database and send reminders before expiration. We enter COI information into your lease administration platform, ensuring seamless record-keeping and easy access to compliance data.
Risk Assessment & Compliance Alerts: Identify gaps in coverage and prevent potential liabilities.
On-Demand Reporting & Audit Support: Our team will generate reports as and when you need them, providing you with instant access to compliance status for audits and legal protection, provided your lease administration/COI system has the said report generation capability.
COI Compliance Goes Beyond the
Basics-We Catch What Others Miss!
With nearly two decades of lease abstraction and administration experience, we understand the nuances of COI management that others often miss. Accurate COI tracking requires more than just reviewing an insurance policy-it demands a deep understanding of the insurance-related clauses in your lease agreements.
For example, if a lease requires the tenant to maintain $2 million as Commercial General Liability insurance but their COI states Commercial General Liability insurance in an amount of $1 million, but COI also lists umbrella coverage of $10 million, many will flag it as non-compliant. However, our expertise allows us to recognize that Commercial General Liability coverage is covered by the umbrella policy-ensuring compliance without unnecessary back-and-forth.
Let Us Handle Your COI Management-So You Can Focus on Your Properties
Avoid the risks of non-compliance and ensure your assets are protected. Our expert team is ready to take COI
management off your plate.
Schedule a Free COI Compliance Review Today!
Key Benefits of COI
Management for Landlords
Proper COI management is essential for protecting your properties, minimizing liability, and ensuring compliance. Here's how landlords benefit:
Risk Mitigation & Liability Protection: Ensure tenants, vendors, and contractors have valid insurance coverage to protect your assets from potential lawsuits and damages.
Lease Compliance Assurance: Avoid lease violations by ensuring tenants meet their insurance obligations, reducing the risk of disputes.
Financial Security: Prevent unexpected costs by verifying that all parties maintain adequate insurance, avoiding gaps in coverage.
Audit-Ready Documentation: We ensure that all COI records are accurately entered and maintained in your existing COI or lease administration system, so you have instant access to audit-ready documentation, reports, and compliance data-provided your system supports it..
Improved Tenant & Vendor Relationships: A streamlined COI process reduces disputes and enhances trust between landlords, tenants, and service providers.
Frequently Asked Questions (FAQ)
-
1. What is a Certificate of Insurance (COI), and why do landlords need it?
A COI is a document that proves a tenant, vendor, or contractor carries the required insurance coverage. Landlords need COIs to ensure their properties are protected from potential risks, liabilities, and damages caused by uninsured parties.
-
2. How does RE BackOffice help landlords with COI management?
We handle the entire COI process-collecting, verifying, tracking expirations, and ensuring compliance-so landlords don't have to chase tenants or vendors for updates.
-
3. What happens if a tenant or vendor's Certificate of Insurance (COI) expires?
If a COI expires, it means they may no longer have valid insurance, putting your property at risk. We proactively send renewal reminders and notify you of any non-compliance issues.
-
4. What types of insurance policies should a landlord require from tenants and vendors?
Landlords typically require General Liability, Property Insurance, Workers' Compensation, and Umbrella/Excess Liability coverage. We ensure COIs meet the specific requirements outlined in lease agreements and vendor service contracts.
-
5. Can you handle COI management for multiple properties or a large portfolio?
Yes! We have a large team with experienced commercial real estate professionals who are qualified to track and manage COIs across multiple properties, no matter the size of your portfolio.
-
6. How do you verify that a Certificate of Insurance (COI) is compliant?
Our experts review each COI to confirm policy limits, coverage types, expiration dates, certificate holder's name, additional insured's names, and compliance with your lease or vendor contract requirements.
-
7. What if a tenant or vendor refuses to provide a Certificate of Insurance (COI)?
We send regular follow-ups and escalate non-compliance issues, ensuring landlords have proper documentation to enforce lease terms.
-
8. Can landlords access Certificate of Insurance (COI) records anytime?
Absolutely! Our COI management process ensures the COI data is organized and easily accessible where landlords can view COI records and compliance statuses at any time.
-
9. How can I get started with RE BackOffice's COI management services?
Simply contact us for a free consultation, and we'll assess your COI management needs to create a tailored solution for your properties.
