Property Insurance Maintenance
The purpose of this process is to track insurance policy information on the system for clients, ensure current insurance information is in resale files; to assist in billing mortgagees and homeowners for insurance premiums not included in homeowner dues.
Add Insurance Policy Information to System
It is necessary to keep track of all insurance policy information on the system. This information is used to create the billings and as an often-used reference tool for homeowners and mortgagees.
Uus T/R option# (5.1) to enter this information. Complete the information requested on the screen, or modify existing information, using other clients as an example. Be sure this information is complete since it will be needed to prepare billings and answer client questions.
Process Insurance Policy Renewals
Most Clients have hazard insurance policies which will replace/repair their property and inprovements (their homes) in case of damage. Policies will generally cover all common property, but not individual personal property. In addition, most associations have fidelity bonds which are required for various government agency approvals.
The paperwork for these policies will be forwarded to your office to ensure timely renewal, along with completion of other administrative tasks associated with insurance policy renewal.
Upon receipt of the policy information or billing notices, the following steps should be taken:
Prepare Insurance Premium Billings & Process Receipts
Please review the instructions for Billing Insurance Premiums back to mortgagees.
Update Resale File(s)
The resale files are to contain evidence of insurance on the property. Any insurance policies and certificates of insurance received in the office must be copied for the resale file. DISCARD EARLIER INFORMATION.