Are you a Property Manager Handling Construction Management Services? - Mackoul Risk Solutions | Condominium and Co-op Insurance on Long Island, NY Skip to main content

Are you a Property Manager Handling Construction Management Services?

Construction Contract

Are you a property manager who handles construction management services for the buildings you manage? If so, your E&O coverage may not provide coverage and you should consider doing the following: 

  • Contact your lawyer to see if you need revisions to your contract 
  • Review your insurance policy with your broker 

Sometimes management companies have an endorsement under the E&O policy that will provide coverage.  Here are a few examples of endorsements that are considered project management services: 

  • Availability of materials and labor, estimating time requirements for procuring, installing and construction, and estimating construction costs. 
  • Obtaining, reviewing and assisting property ownerto select bids or estimates from contractors, subcontractors and providers of construction materials or services. 
  • Preparing and maintaining construction schedules, including coordinating construction with tenants and property owners. 
  • Inspecting progress of construction and reporting status to the property owners. 
  • Collecting and documenting product warranties and guarantees in favor of property owners. 
  • Preparing punch lists. 

It’s important to have the right coverage.  As always, contact us anytime if you have questions about your policy. 

 

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