Risk Transfer Program for Student Housing Providers
Students Legal Liability, a division of Renters Legal Liability LLC, assists owners and managers by transferring risk and mitigating losses caused by student-residents. Uninsured residents are not only a financial risk to owners/managers, they are a liability. A student resident-caused accident may and will create extensive and costly damage to a student housing facility. SLL is a community-based property damage liability program. Under the program, the community requires $100,000 of property damage liability coverage from all residents. Residents have choice of participating in the SLL program, or may comply through their parent’s homeowner's policy, or their own traditional renter’s insurance policy.
- Student housing provider/manager is primary on the policy:
- SLL is constructed and presented as an amenity and marketing tool;
- Program improves student housing provider’s/manager’s NOI;
- Minimized P&C loss ratios may create a preferred status with the P&C carrier;
- SLL generates a powerful ancillary revenue component;
- Patent-pending, proprietary online software system tracks student-resident participation, along with ongoing customer support and training;
- SLL's database, monitoring and reporting systems manage the entire process;
- The program can synchronize data from property management software systems for a seamless operational exchange of information.
The economic benefits of the SLL program are dynamic and eliminate nuisance claims against the community. Housing providers and managers are able to enhance overall risk management and while increasing net operating income.
