What are "Risk Transfer Documents?"
Risk Transfer Documents protect your Building Management firm by transferring the liability associated with claims caused by hired contractors from the insurance of both you and your clients, to the contractor's insurance.
These documents include:
Certificates of Insurance:
Certificates identifying your Property Management firm and your client property owner (condominium association, cooperative apartment association, office building owner, etc.) as “Additional Insured” on the insurance policies for a contractor that works at your clients building.
Indemnification Agreements:
Holding-harmless your Property Management firm, and your client property owner, from claims resulting from a contractors work.
What is “Risk Transfer Document Administration?”
Risk Transfer Document Administration is the collection and management of Certificates of Insurance and Indemnification Agreements for Contractors; an essential responsibility of Real Estate Property Managers, on behalf of their clients.
Is Risk Transfer Document Administration a competitive advantage for my Property Management Firm?
With RRS, your current and prospective clients will be amazed at how thoroughly you address this important task.
Questions & Answers
Who is the program designed for?
Currently, the RRS program is designed for Building Managers, protecting your building management firm and its client property owners (condominium association, cooperative apartment association, office building owner, etc.) from uninsured contractors working at your client properties.
Can the RRS Program be used by General Contractors to manage projects?
Currently, RRS V.1 is designed for Building Managers, and is not available to the General Contractor industry. RRS V.2 will broaden the scope of the program to include GC Project Management. RRS V.2 will be developed in 2013, with a 2014 Release Date
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Risk Reduction Services, LLC
520 White Plains Road, 2nd Floor
Tarrytown, NY 10591
914-457-4290