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.
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 FAQ's
Please contact us if you have any additional questions.
General FAQ's
Your lease requires you to have in place at all times during the term of your lease renters insurance with a minimum personal liability insurance limit of $100,000 to address any property damage caused by you during the lease period.
You may fulfill that obligation by providing evidence that you have acquired suitable renters insurance per the terms of your lease to LeaseTrack, the company that monitors renters insurance compliance for your community. LeaseTrack can be reached at (800) 430-8075. If you do not provide such evidence, LeaseTrack will enroll your unit in the liability waiver program.
If you are enrolled in the liability waiver program, you will be deemed to have satisfied the requirement in your lease to obtain and maintain renters insurance. You will be charged a monthly fee for participation in the liability waiver program.
The liability waiver program does not provide the resident with the same level of protection as 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, often including protection for such property 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. The liability waiver program primarily provides protection against damage that a resident of an enrolled unit causes to the community’s property. Accordingly, it may be in your best interest to purchase a renters insurance policy to have broader personal liability and personal property protection in place.
In the event you do not provide evidence of obtaining and maintaining renters insurance throughout your lease term, LeaseTrack will enroll your unit in the liability waiver program. Fees are billed monthly and are collected together with the monthly rent for your unit.
Once LeaseTrack enrolls a unit in the liability waiver program, the monthly program fees will be collected along with the monthly rental charge. The program fees are not pro-rated or adjusted for partial month enrollment.
Your liability 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 cancellation of your unit’s participation in the liability waiver program. For mid-term cancellations of participation in the liability waiver program, the community requires evidence of suitable renters insurance per the terms of the lease. A resident of an enrolled unit may contact LeaseTrack at (800) 430-8075 to provide evidence of suitable renters insurance and to cancel program participation.
Program participation is non-transferable to any other location. A resident of an enrolled unit may wish to consult with his or her 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.
No, but the property manager does. The 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 liability waiver program, a captive insurance company to reinsure the risk under the insurance policy, and third parties to administer the liability waiver program and to process claims. The program fees are intended to reimburse the property manager for these costs and expenses, to compensate the reinsurer for the underwriting risk assumed and to generate income for the property manager and its affiliates.
Residents of an enrolled unit in the liability waiver program are not insured. The waiver program is an alternative to satisfying the requirement in the lease to obtain and maintain suitable renters insurance and does not provide the same level of protection as a renters insurance policy.
Please upload your proof of coverage at http://www.leasetrack.ai/renters. The proof of coverage will need to 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 - The Additional Interest must be listed exactly as follows:
Your Community Name
P.O. Box 38060
Albany, NY, 12203
LeaseTrack will notify you and your community once all information is received, and you are compliant with your lease requirements.
If your policy expires, 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, LeaseTrack will enroll your unit in the liability waiver program and you will be charged a monthly fee for the program.
If your policy lapses during your lease for any reason (non-payment or it was canceled), LeaseTrack will enroll your unit in the liability waiver program and you 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 community.
If your carrier will not add an Additional Interest (as affected the by the Liability Waiver Lease Addendum), LeaseTrack will be unable to accept that insurance policy and LeaseTrack will enroll your unit in the liability waiver program.
Your community has outsourced all renters insurance tracking and management to LeaseTrack. As such, all rental insurance information or questions must be submitted to LeaseTrack directly and they will update your community with your information.
Some residents may receive two charges at once if they recently moved in mid-month or recently had their renters insurance 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 liability waiver program, the landlord agrees to waive rights to pursue any claim against a resident of an enrolled unit 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
in either case, that is caused by an accident within the enrolled rental unit due to such resident’s negligent acts, omissions or accidents that result in the following covered perils (“Waiver 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.
The landlord is only waiving or assuming liability up to $100,000 in total per accident. 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 of the enrolled unit.
The resident of the enrolled unit will retain liability not specifically waived and released by the landlord. For example, the resident may be liable to other residents and other persons for any losses they incur as well as for any loss in excess of the limits of what landlord has assumed or waived liability for pursuant to the above.
The liability 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
The liability waiver program does not apply to, and therefore, there is no waiver or assumption of liability by the landlord for any direct physical loss or damage to your personal property or the property of others.
The liability waiver program does not apply to, and therefore, there is no assumption or waiver 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 liability waiver program will respond to fire and smoke damage that is caused by a resident of an enrolled unit’s negligence for losses. This coverage is subject to the exclusions and limitations set forth above.
The liability 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 into a unit) to the extent caused by a resident of an enrolled unit’s negligence and the exclusions and limitations set forth above.
The liability waiver program will only respond to the Waiver Perils and will NOT respond to any liability for bodily injury, including losses arising from an attack by a dog or other animals. If a resident is in possession of an animal that could cause injury to another animal or a person or to property, then it is recommended that the resident consult with an insurance professional for consideration of whether this exposure can be insured.
The liability 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.
The liability waiver program will only apply to two qualifying events per enrolled rental unit in an annual period.
