Certificate of Insurance
Building Engines Blog | Assets & Maintenance | Certificate of Insurance
You may think you know most of the ways that things could go wrong at your commercial property in terms of tenant and property risk, but there is only one way to know for sure – take our “Spot the Risk” Quiz!
If you’re in property management, you’re all too familiar with the bone-chilling horrors of outlandish tenant requests, nightmarish equipment failures, and unnerving incidents. Maybe your building is even haunted! We’d like to know how you manage these spooky risk management scenarios! Take our quick Halloween Mini-Survey and share your own CRE horror story, and you’ll […]
A while back we wrote a post covering ‘7 Reasons Why I Need Property Management Software,’ covering the emerging acceptance of technology in the commercial real estate (CRE) industry. Since then, the CRE Tech space has continued to grow. In 2015 alone, CRE Tech startups raised over $1.7 billion, according to venture capital researcher CB […]
Like it or not, Certificates of Insurance (COI’s) exist in commercial real estate for a reason. Namely: protection from unknown liabilities. These are scenarios in which you put your business (and affiliated individuals) at risk, because you cannot possibly cover all the bases. Sure, it sounds crazy, but many CRE organizations needlessly expose themselves and […]
How confident are you that you would be able to quickly react to an incident in your building the moment it occurs? A whopping 49% of property management organizations surveyed just last year on their risk management practices revealed that they don’t conduct Emergency Scenario Training sessions, which are geared towards improving emergency response times […]
You may think you are already familiar with Property Management Software. You know, that “system that does work orders and PM.” But as we head into the New Year, I challenge you to stop using the phrase “Work Order System.” That means no more, “Yeah, we have a work order system.” Or telling your tenants […]
As a member of the commercial real estate market you are no doubt familiar with the concept of “risk management.” But what does it really mean? In short: protection. Think about that for a moment. You would do anything to protect your loved ones and household assets from disaster, be it natural, accidental, or otherwise. […]
A recent survey of CRE professionals revealed that 96% of respondents plan to implement new processes to manage operational risk in the coming year. Not surprisingly, the #1 area they plan to apply new tools and technology to is Building Incidents. No matter what size or type of property you own or manage, you will, […]
If you’re trying to manage your buildings certificates of insurance using a spreadsheet and filing cabinet, KEEP READING! This blog is for you. With the pace of life in the 21st century, who has time to review the tenant and vendor COI spreadsheet to identify the expirations, reach out to your designated contact, follow up, […]
The operational risks to a commercial property are many – at every turn is an opportunity for a slip-and-fall, a hazardous material leak, an uninsured vendor, or… worse. To compound that, the expectations and legal requirements that property teams are not only required to do, but also need to do, to prepare for emergencies and protect themselves from liability are high.
Certificate of insurance (COI) tracking is a vital risk-management activity. Without an efficient process and visibility into this critical area, you may needlessly expose yourself and your insurer to potential liability.
Recently my wife and I went on a shark diving trip. We departed from Fairhaven, MA and traveled about 90 minutes out to sea. After stopping at our destination, the captain threw out the chum and my wife and I got outfitted into our dive gear. We dove into the water to setup the finishing touches, and within seconds an eight-foot-long blue shark was less than 30 feet away from us.
It may not be the most glamorous job, but maintenance crews are the lifeblood of a building – creating an environment for tenants that is clean, safe and welcoming. And while it’s easy to think of service providers as a “rotating door”- easily replaced by the lowest bidder – make sure that a low cost is backed by a history of professionalism and experience!
We are concluding our celebration of National Preparedness Month this September by offering an Emergency Preparedness Kit to our network of friends and colleagues. The Kit enables CRE owners and operators to assess their level of readiness and take action to prepare for the unexpected.
Another type of relationship is with your vendors. Making sure your vendor is top of the line is the first step in your blossoming relationship that cannot be overlooked. In these rapports, mystery loses its allure. According to a Buildings magazine article, Vet Your Vendors: Screening Steps to Ensure Your Vendor Is Top Notch, “more than 80 percent of companies conduct formal background checks on their full-time employees, but less than 20 percent do any type of screening of their vendors, supplies, and contractors.”