Property Management
A Wyoming property manager who fails to maintain adequate insurance on a managed property may be liable for:
ANo penalty since insurance is the owner's responsibility
BBreach of fiduciary duty to the owner and potentially personal liability for losses✓ Correct
COnly a fine from the WREC
DLoss of management fees for one month only
Explanation
If the property management agreement requires the manager to maintain insurance and they fail to do so, the manager may be liable for breach of fiduciary duty. If an uninsured loss occurs, the manager could face significant liability for the owner's damages.
Related Wyoming Property Management Questions
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