Solutions - Insurance Certificate Tracking

The Problem

Most leases require tenants maintain insurance and provide landlords with certificates of insurance, which typically renew annually. Tracking expiration dates and notifying tenants is necessary to ensure that all insurance is up-to-date.

The Solution

MRI provides an insurance expiration field on the lease table and, in the Web version, includes a watchlist for these dates on the property management dashboard. This is less than what is needed for a complete solution and falls short of reaching its potential as a productivity tool.

With minor customizations I have created a report that lists all tenants with expiring insurance certificates that includes the policy number, underwriter and policy limits (these last three items are custom fields). The report also prints in letter mode, printing a letter to each tenant requesting the updated insurance certificate including the policy number and expiration date for the tenant's reference.

Success

Now around the first of each month the property accountant needs only to print the report. The letters are ready to mail or fax. Instead of taking hours, the entire portfolio is reviewed and letters prepared in minutes.

This simple solution not only saves time, it prevents lapses in tenant coverage that could otherwise occur.

This custom solution works in both Web and Windows.