Tenant Deposit Insurance - Protecting Property Owners & Managers

AssureLease™ is a totally new and unique insurance product, developed and designed by the principals of AssureLease LLC. In brief, AssureLease™ provides comprehensive insurance coverage for certain unsatisfied leasehold obligations of either residential or commercial lease tenants who have entered into a lease agreement with either a commercial or multifamily tenant that is owned or owned/ managed by either a REIT or Non-REIT entity.

The basic concept is simple. A qualified property owner/management company applies for AssureLease™ coverage against: tenant caused damages in excess of normal wear and tear failure to comply with terms of the lease and/or costs associated with commercial lease bankruptcy workouts or tenant evictions.

Utilization of AssureLease™ virtually eliminates the need for owner/ management companies to comply with a multitude of confusing and complex city, municipal, state and Federal laws/statutes regarding the manner in which the owner/management company may legally retain, service, reconcile, account for and refund cash, cash in kind or LOC damage or security deposits. Furthermore, AssureLease™ can turn a known loss center into a significant profit center through AssureLease’s unique structure, under which, a US Patent is pending.

AssureLease LLC manages the AssureLease™ Program nationally. The insurance carrier is A.M. Best A+ (Superior), Moody’s and Standard & Poor’s claims paying ability rating and is approved in most states. The unique structure of AssureLease™ provides for a significant return of the gross premium collected plus investment income directly to the insured property owner/property management company (policy holder). Premium and loss reporting is handled through monthly bordereau reports, utilizing the property owner/management company’s current rent-roll software.

The concept of damage/security deposit insurance is similar to Private Mortgage Insurance (PMI) that is readily available to home buyers who do not have the traditional 20% down payment required by most conventional mortgage companies, but without the complicated red tape of PMI.