Verify prior to VIVE?
- 93% of Management Companies reported that they had set insurance requirements for vendors to meet prior to VIVE
Ok, so Management companies typically have requirements on hand prior to VIVE, however, did the requirements get set by risk professionals?
The Reality
- Of the 93% reporting having set requirements, only 11% reported taking advisement from a 3rd party risk consultant and only 13% of the management companies requiring the terms be bound with a written contract.
In Conclusion
So, while most management companies state they have on hand requirements, very few took professional guidance on setting the list of requirements and even fewer bound the terms with a written contract.
