Property Management
In Wyoming, a property manager who fails to renew the property's hazard insurance policy is:
AOnly responsible if there is an actual fire or loss
BPotentially liable to the owner for any uninsured losses that occur during the lapse✓ Correct
CProtected since insurance is solely the owner's responsibility
DOnly liable if the management agreement specifically requires insurance renewal
Explanation
If the property management agreement requires the manager to maintain insurance, a failure to renew that allows coverage to lapse can expose the manager to liability for any uninsured losses during the coverage gap. Property managers should track insurance renewal dates diligently.
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