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There are specific clauses that you need to take care of under landlords' insurance if you have many tenants. Many city buildings have a series of tenants that might have different requirements. They also represent different sets of risks. Rather than spending too much time calculating individual risk, the [...]

There are specific clauses that you need to take care of under landlords' insurance if you have many tenants. Many city buildings have a series of tenants that might have different requirements. They also represent different sets of risks. Rather than spending too much time calculating individual risk, the landlord with the help of tenant representatives might get a principal coverage document and then request that the rest of the tenancy team contributes to the monthly premiums. This does not mean that the liability will shift to the tenant. It merely implies that there is parity in the distribution of costs. Sometimes that is the only way that landlords' insurance can be managed.

Through tenant representatives, the landlords should do the following;

Hold consultative meetings: You might need to hold consultative meetings in order to resolve the issues that relate to the landlords' insurance. These meetings are meant to ensure that there are clear protocols for securing the most effective policies on the market to date. You need to review the provisions that you have made so that there is adequate coverage on the things that you are doing. It is imperative to keep everything under control.

Try to achieve fairness where possible: Not all the tenants in your property will carry identical risks. However you need to ensure that they are treated fairly. This might mean that you take the time to find a compromise on the landlords' insurance policy. On the other hand it might mean that you get a headline figure under which you calculate the individual liability. It is impossible to have an accurate read on the individual risks that are attached to tenancies.

Do not allow anyone to act unilaterally: The landlords' insurance in this case is a communal affair and it is your responsibility to ensure that there is no unilateral action on anyone's part. Likewise you need to ensure that the proceedings are not dominated by a few people who are too vocal in their demands. It is all about finding the right compromises at the right time.

Make sure that the tenant representatives have signed the documents: These are legal obligations and you need to ensure that the people under liability have signed the documents. If you have no signature then it is very difficult to get the right mix of things. You will also be able to work out some of the best methodologies for getting coverage for all your tenants at the time. These are the responsibilities that