Real Estate Property Managed

What Does GL Code 47052 Cover?

ISO GL class code 47052 covers businesses engaged in managing real estate properties for others. This includes the oversight of residential, commercial, or industrial properties, handling tenant relations, maintenance, and financial administration. This code applies to entities that do not own the properties they manage but are compensated for their management services.

Who Uses This Class Code?

This code is primarily used by professional property management companies, real estate firms offering management services, community association management (CAM) companies, and individual property managers who oversee portfolios of rental properties for various owners.

Common GL Claims for This Class

Common claims for property management businesses include tenant slip-and-fall incidents on managed properties, property damage due to inadequate maintenance oversight, and claims arising from alleged wrongful eviction or discrimination.

Coverage Tips for Code 47052

• Ensure your General Liability policy includes coverage for 'Errors and Omissions' (E&O) as claims often arise from professional negligence or mistakes in property management.
• Verify that your policy covers tenant discrimination claims, as fair housing laws are strictly enforced and can lead to significant liability.
• Implement robust tenant screening processes and ensure all leases comply with Florida landlord-tenant laws to mitigate potential legal disputes.
• Require all third-party contractors and vendors to carry their own General Liability insurance and name your property management company as an additional insured.