Arium Waiver Program
Arium has contracted with LeaseTrack as a “preferred partner” to manage your insurance requirements under your Lease. As outlined in your Lease and Insurance Lease Addendum, residents are required to maintain liability insurance coverage with a minimum personal liability limit of $100,000.
Program Overview
To make the insurance process convenient, we have worked with your community to offer an insurance product through a Tenant Legal Liability (TLL) program, which satisfies this requirement. For a monthly fee automatically charged to your rent statement, you will receive $100,000 in personal liability coverage and limited personal contents coverage to protect your belongings while they are located at your apartment home.
If this Renters Insurance Program meets your needs, you need not do anything else to obtain insurance. We recommend you look at the details of the program to ensure it meets your specific needs.
Waiver Program Coverages
Covered:
While limitations may apply, coverage applies to personal property on a replacement cost basis for damage resulting from:
- Fire
- Lightning
- Windstorm
- Hail
- Smoke
- Accidental discharge or overflow of Water/Steam
- Explosion
- Burglary (illegal forced entry)
Not Covered:
The TLL policy would not typically insure for loss caused directly or indirectly by any of the following:
- Earthquake
- Neglect
- Animals or animal bites
- Freezing
- Power Failure
- War
- Intentional loss
- Governmental actions
- Motor vehicle liability
- Watercraft liability
- Business liability
- Illegal acts
- Pollutants
- Theft (mysterious disappearances)
- Vandalism
- Water (from flood, surface water, overflow from body of water, sewer back-up)
- Other (as outlined in policy)
Such loss is excluded regardless of any other cause or event contributing concurrently or in any sequence to the loss. These exclusions apply whether the loss event results in widespread damage or affects a substantial area.
Waiver Program FAQ's
Please contact us if you have any additional questions.
General FAQ's
Your lease requires all residents to have in place and maintain renters insurance with a minimum personal liability insurance limit to address any property damage caused by a resident during the lease period.
You may fulfill that obligation by providing evidence that suitable renters insurance has been obtained and is retained in the manner specified your lease. However, as an alternative to allow residents to fulfill their obligation, your community has partnered with LeaseTrack to administer our waiver program.
Your community has partnered with LeaseTrack to administer our Wavier Program. For a monthly fee, this program will meet the minimum insurance requirement in your lease. No action is required to take advantage of this program. The monthly fee will be added to your rental charges.
While enrollment in the waiver program is an alternative to the renters insurance requirement in the lease, the waiver program may not provide the resident with the same level of protection as would be the case if the resident had obtained a renters insurance policy. A renters insurance policy typically has two coverage parts: (1) personal liability insurance; and (2) personal property insurance for the resident’s personal property that provides protection beyond the resident’s unit. Personal liability insurance provides the resident policyholder with protection against claims resulting from bodily injury to other people (including medical payments to others) and property damage to third party property. Accordingly, it may be in the best interest of a resident to purchase a renters insurance policy to have broader personal liability and personal property protection in place.
You have the option of affirmatively enrolling in the waiver program in lieu of procuring the required insurance. In addition, in the event you do not provide evidence of obtaining and maintaining renters insurance throughout their lease term, you will be enrolled in the waiver program. Fees are billed monthly and are collected with your monthly rent.
The waiver program has a $500 per claim deductible. A deductible is the amount of money that an enrolled resident is responsible for absorbing before the waiver program pays a claim. If a resident’s rental unit is enrolled in the waiver program, then such enrolled resident is not required to pay any amount out of pocket, but it is the amount that gets deducted from any claim payment. For example, if a fire destroyed an enrolled resident’s $1,000 mattress, the waiver program claim payment would be $500: $1,000 minus the $500 deductible.
Once a resident’s unit is enrolled in the waiver program, the monthly waiver program fees as indicated in the Liability Waiver Lease Addendum will be added to the monthly rental charge. Accordingly, the waiver program fees are billed monthly and are collected with your monthly rent. The waiver program fees are not pro-rated or adjusted for partial month enrollment.
Waiver program fees will cease when your lease, including the Liability Waiver Lease Addendum, terminates.
Your waiver program participation will remain in effect for the duration of your lease unless you provide evidence that suitable renters insurance has been obtained and is retained in the manner specified in the lease. You do not need to provide advance notice of termination.
The waiver program participation is non-transferable to any other location. An enrolled resident may wish to consult with its own insurance professional for a review of insurance needs, including consideration of whether to secure insurance effective with any move to ensure the resident’s belongings are adequately protected during the moving process. For mid-term cancellations of participation in the waiver program, the community requires renters insurance to be placed on file to ensure you meet any on-going lease obligations. An enrolled resident may contact LeaseTrack at (800) 430-8075 to cancel the waiver program participation and provide evidence of renters insurance.
The landlord or property manager has incurred costs and expenses in connection with the administration of the program, including for a contractual liability insurance policy to support the waiver program, a captive insurance company to reinsure the risk under the insurance policy, and to pay a third-party to administer the waiver program, including claims processing. The waiver program fees are intended to reimburse the landlord or property manager for these costs and expenses and to compensate the reinsurer for the underwriting risk assumed.
Residents enrolled in the waiver program are not insured under the contractual liability insurance policy purchased by the landlord or property manager. The waiver program is an alternative to renters insurance and may not provide the same level of protection as a renters insurance policy.
If you choose to fulfill your lease requirements for renters insurance through a third party, please include the following information:
- Name, and names of all adults living in the home
- Address
- Policy number
- Policy start and end dates
- Evidence of personal liability with minimum limit of
$100,000 - Interest”
- The Additional Interest must be listed exactly as follows:
Your Community Name
P.O. Box 38060
Albany, NY, 12203
Please upload your proof of coverage at leasetrack.ai/renters. LeaseTrack will notify you and your property manager once all information is received and you are compliant with your lease requirements. Please do not bring your evidence of insurance to the leasing office since LeaseTrack is managing this process.
If your policy expires and you wish to renew that coverage, you will need to send an updated proof of coverage directly to LeaseTrack at www.leasetrack.ai/renters. LeaseTrack will update your compliance and notify your property manager.
If your policy expires and you do nothing, you will automatically be enrolled in the waiver program and will be charged a monthly insurance reimbursement fee as outlined on your Insurance Waiver Lease Addendum.
If your policy lapses during your lease for any reason (non-payment or it was canceled), you will automatically be enrolled in the waiver program and will be charged a monthly fee for the program.
If you change carriers or replace your policy during your lease, you can upload the new proof of coverage directly at www.leasetrack.ai/renters. LeaseTrack will update your compliance and notify your property manager.
If your carrier will not add an Additional Interest as required by Insurance Waiver Lease Addendum, we will be unable to accept that insurance policy. You may call 800-430-8075 to obtain appropriate coverage or do nothing, and you will be automatically enrolled in waiver program, and you will be charged a monthly fee as outlined on your Insurance Waiver Lease Addendum.
Your community has outsourced all insurance tracking and management to LeaseTrack. As such, all insurance information or questions must be submitted to LeaseTrack directly and they will update your landlord and/or property manager with your information.
Some residents may receive two charges at once if they recently moved in mid-month or recently had their coverage on file expire. The additional charge is to ensure you have coverage during your move-in month or between your policy expiring and the next month.
Coverages
Under the waiver program, the landlord agrees to waive rights to pursue any claim against an enrolled resident with respect to losses resulting from any direct physical loss or damage to:
- The building or other property of the landlord contained within the building, up to a maximum of $100,000; and
- Other personal property contained within the building (excluding the personal property of any sub-lessees, roomers or boarders of resident), up to the maximum amount of $5,000;
in either case, that is caused by an accident within the rental unit due to such enrolled resident’s negligent acts, omissions or accidents that result in the following perils:
- Burglary;
- Fire;
- Explosion;
- Sudden and accidental smoke;
- Riot or civil commotion; or
- Water or other liquid which leaks, flows or overflows from plumbing, air conditioning, other equipment or fixtures or personal property that damages the building or other personal property (hereinafter “Waiver Perils”).
The landlord is only assuming liability up to $100,000 in total per accident with the priority of the payments being made for any damage to the building or other property owned by the landlord. In the event that the property damage to the building or other property owned by the landlord exceeds $100,000, landlord may seek recourse against the resident.
The resident will retain liability not specifically waived and released by the landlord (e.g., the resident may potentially be liable to other residents for loss in excess of the limits of what the landlord has assumed liability for pursuant to the above).
The waiver program covers direct physical loss or damage to the building, including the following types of property:
- Completed additions and permanently installed machinery and equipment in the building;
- Building improvements or installations (including glass or safety glazing material) made or acquired at the resident’s expense, to that part of the building used exclusively by the resident;
- Personal property owned by the landlord in that building; and
- Personal property owned by any resident (including the resident of an enrolled rental unit) other than any guest, roomer or boarder of a resident.
The waiver program does not apply to, and therefore, there is no assumption of liability by the landlord for any direct physical loss or damage to:
- Birds, cats, dogs, fish or other animals of any type whether domesticated or not;
- Business data;
- Credit cards, electronic fund transfer cards or access devices used solely for deposit, withdrawal or transfer of funds;
- Contraband or property in the course of illegal transportation or trade;
- Vehicles/aircrafts/watercrafts;
- Property held for sale or rental to others;
- Property of others (other than residents within the building); or
- Water or steam.
For the following types of property, the landlord shall only be liable up to $50:
- Currency, money, bank notes, bullion, gold other than goldware, silver other than silverware, platinum other than platinum ware, coins, medals, scrip, stored value cards and smart cards, securities, accounts, deeds, evidence of debt, bills, letters of credit, notes other than bank notes, manuscripts, plans or other valuable papers, personal records, passports, tickets and stamps.
- Jewelry, watches, furs, precious and semiprecious stones, firearms, silverware, silver-plated ware, goldware, gold-plated ware, platinum ware, platinum-plated ware and pewterware. This includes flatware, hollowware, tea sets, trays and trophies made of or including silver, gold or pewter.
- Property used primarily for business purposes.
The waiver program does not apply to, and therefore, there is no assumption of liability by the landlord for any damages arising out of any:
- Government action;
- Nuclear hazard;
- Flood;
- Mold;
- Explosion of steam boilers and steam pipes;
- Expected or intended damage;
- Terrorism;
- Theft, mysterious disappearance, lost or misplaced property;
- Vandalism or malicious mischief;
- Electric arching;
- Rupture or bursting of water pipes (other than automatic sprinklers);
- Leakage or discharge of water or steam (other than automatic sprinklers);
- Pollutants; or
- Asbestos
The waiver program will respond to fire and smoke damage that is caused by an enrolled resident’s negligence for losses in excess of the deductible. This coverage is subject to the exclusions and limitations set forth above.
Take an inventory of all your belongings and include an estimated value of each item. Include detailed photos of your more valuable belongings, as well as any receipts of purchase. If you own anything
particularly expensive, you may want to keep documentation of its appraised value in a safe place.
We recommend keeping copies of all your documentation in another building or “in the cloud” (internet storage) so that if the copy in your apartment is damaged, you can still access your records.
The waiver program will only respond to the Waiver Perils, subject to the exclusions and limitations set forth above, and will NOT respond to general theft or mysterious disappearances of any property. However, the waiver program will respond to losses resulting from burglary (illegal forced entry) to the extent caused by an enrolled resident’s negligence subject to a $500 deductible and the exclusions and limitations set forth above. Reimbursement for losses arising out of burglary will require evidence of such loss which may include photos, police reports or other documents to verify how the loss or damage occurred.
The waiver program will only respond to the Waiver Perils and will NOT respond to any liability for bodily injury, including losses arising out of a dog or other animals. If a resident is in possession of an animal that could cause injury to another animal or a person, then it is recommended that the resident consult with an insurance professional for consideration of whether to seek renters insurance where this exposure can be insured.
The waiver program will only respond to the Waiver Perils and will NOT respond to any liability related to bug infestations of any kind, including bed bugs, cockroaches or other bugs as well as rodent infestations.
Claims
Report your claim online and provide the following information:
- Your personal contact information
- Apartment community name
- Incident location information
- Description of the accident or loss
- A list of property damaged in the incident
Once the claims information is received, you will be contacted by a claims examiner. The claims examiner may request additional information or documentation to support the claim.
Before recovering from any loss, you must provide the carrier with all pertinent records needed to prove the loss; and if requested, send them a sworn statement of loss upon request. Do not discard damaged goods. Wait until a claims examiner has contacted you and advised that these may be discarded. If this is not possible, take a photograph of the item(s) before discarding them.
Please also notify your landlord and property manager as soon as possible if a loss has occurred in your enrolled rental unit.
You can be well-prepared in the event that you ever need to file a claim. In doing so, you can make the claims process go much more smoothly.
Take an inventory of all damaged belongings and include an estimated value of each item and include detailed photos of the more valuable belongings, as well as any receipts of purchase. If you own anything particularly expensive, you may want to keep documentation of its appraised value in a safe place.
We recommend keeping copies of all your documentation in another building or “in the cloud” (internet storage) so that if the copy in your enrolled rental unit is damaged, you can still access your records.
Take the following steps to promote timely processing of any waiver program claim:
- Submit your claim immediately. Do not wait until you have repaired or replaced your items or incurred the expense.
- Inventory and photograph damages. Make a list of what is damaged. Be sure to include as much detail as possible, such as: make, model, year purchased, purchase price, etc.
- Do not dispose your damaged items until you have obtained approval from the claims adjuster.
- In the event of a burglary, be sure to get a copy of the police report.
- Make note of important details such as the time and date of the incident that led to the loss.
- Record and document all missing or damaged items. When appropriate, take pictures or video.
- Do anything you can to minimize further damage. For instance, if a window is broken, cover it with plastic to prevent water damage.
- Save all receipts. If the damage to your enrolled rental unit makes it uninhabitable and you must pay for an alternative residence, save all receipts for lodging and expenses during the time that you are unable to live in your enrolled rental unit. The waiver program may include limited reimbursement for some or all of those costs.
Occasionally, claims are denied. There are various reasons why this may happen, but the most common are:
- Claim filed for non-covered perils. For example, the program will not cover damage due to flooding. It is important to know the details of the waiver program before something happens.
- Inaccurate information. If you have provided the claim adjuster with inaccurate information about your enrolled rental unit, the personal items contained therein, or the damage caused, your claim may be denied.
- Suspected fraud. Fraud is a real problem, and if your claims adjuster suspects fraud on your part, your claim may be denied pending further investigation. Having a copy of all receipts for major purchases as well as a video documenting the contents of your enrolled rental unit can go a long way in helping you to prove that your loss is legitimate.
The waiver program fees are specific to a community. As such, your waiver program fees will not increase as a result of you submitting a claim. However, the insurance carrier has the right to cancel or non-renew policies under certain circumstances. Insurance reimbursement fees may change over time as outlined your lease agreement.
The waiver program will only apply to two qualifying events per enrolled rental unit in an annual period.
