Homeowners and Directors Frequently Asked Questions
Frequently Asked Questions of Service Providers
Why should we select a Trusted Partner to serve our community?
You will have confidence in knowing the Trusted Partner has met all eligibility requirements, operates to our high service standards and risk management criteria, and is properly and continuously insured under The Management Trust’s global contractor liability wrap policy. Most importantly, work performed by Trusted Partners carry The Management Trust’s $2,500.00 satisfaction guarantee.
Tell me more about the $2,500.00 satisfaction guarantee.
If your community is dissatisfied for any reason with the work performed by a Trusted Partner, we will first work with the partner to correct the deficiency. If we are unable to achieve satisfaction, The Management Trust will make the necessary remediation, up to $2,500.00 per vendor/association/year. If the guarantee is invoked, the community will grant The Management Trust the authority to take whatever steps necessary to achieve satisfaction, including replacing the Trusted Partner. The guarantee only applies to community association clients, not individuals utilizing the services of a Trusted Partner.
Why is The Management Trust providing the contractor liability insurance to the vendors?
We are able to use our vast purchasing power to provide the insurance at considerable savings to the Trusted Partner. More importantly, with us owning the policy, we can guarantee proper and continuous coverage with far broader policy terms than typical contractor liability policies. Also, since we control the policy, we can also make sure that any claims are handled quickly and efficiently.
Is there a cost to the Association? How about the vendors?
There is NO cost to the association. The Trusted Partners will pay a small administrative fee to defray the cost of program administration and a risk management fee to help defray the cost of the contractor liability insurance. The Trusted Partner will be able to deduct the risk management fees from their current liability insurance costs, creating a net savings for them.
Why should my firm join Trusted Partners?
Trusted Partners will enjoy many benefits of enrollment. Once the firm has been properly qualified and enrolled, Trusted Partners will receive preferential consideration for future work, as our staff will have confidence in knowing the Trusted Partner has met all eligibility requirements, operates to our prescribed high standards and risk management criteria, and is properly and continuously insured under The Management Trust’s global contractor liability wrap policy.
What is the cost of enrollment?
The enrollment fee is broken into two parts; an annual administrative fee and a risk management fee. Every enrolled Trusted Partner will pay an annual administrative fee of $400.00 to assist in defraying the program costs. The risk management fee is based upon the prior twelve months total revenue earned from the divisions of The Management Trust. Based upon that activity and the ISO rate applicable to your trade(s), we apply our highly discounted rate per thousand to calculate the risk management fee. This portion of the total enrollment helps defray the cost of our global liability wrap policy. While in most cases our rates are 30-40% below standard contractor liability insurance costs, we guarantee a minimum savings of 10%.
Does that mean my firm will have double the insurance costs?
No. Your existing insurance carrier should provide a credit to you based upon your participation in the Trusted Partners program. We will provide a certificate of insurance as evidence of your enrollment and supplemental insurance.
How will my participation be promoted to Management Trust Clients?
Trusted Partners will be promoted on the highly interactive Trusted Partners web pages. The site will allow potential customers to search by service areas and trades, while you will be able to include text promoting your firm, logo, and other important information. Trusted Partners will also be featured in our digital media campaign and email newsletters to current and prospective clients.
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