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Commercial Tenant Compliance by the Numbers
At CertiSync we have been processing tenant insurance for over 10 years. In that time, we have processed tens of thousands of tenant proof of insurance to the lease they signed. As we process for compliance, we capture data points that help our clients manage their portfolio insurance programs. This is what the numbers consistently tell us about your tenants.
70% of all commercial tenants do not comply with the requirements in their lease.
Of these 70%, this is the breakdown by percentage of the areas of non-compliance per submission:
71% - Additional Insureds
An Additional Insured extends liability insurance coverage beyond the named insured to include other individuals or groups. An additional insured endorsement protects the additional insured under the named insurer's policy, allowing them to file a claim if sued.
45% - No Business Interruption
Business Interruption insurance is coverage that replaces a tenant’s lost net income while their business is closed so they can cover their ongoing business expenses.
30% - No Change Notification
Most commercial leases contain a 30 Day policy change notification. It is important to ensure the tenant's insurer sends notice of any policy changes to the listed Certificate Holder(s).
60% - Certificate Holder
The Certificate Holder is to receive notification of any policy changes from the insurer. This is the only benefit afforded a Certificate Holder.
41% - No All Risks
All Risks is a property insurance for the tenant covering loss arising from any fortuitous cause, except those that are specifically excluded. All Risks coverage is written into tenant leases because this type of coverage is essential to business continuity in the event of a major incident. Landlords and tenants want tenants to be capable of paying rent after an incident.
37% - Other
Other represents unique clauses or policy coverages stated in individual leases. These requirements are often policies such as plate glass, boiler & machinery, owned and/or un-owned auto, etc.
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