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 owners to 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.