Method and apparatus for insuring multiple unit dwellings

• US 20020010601A1
• Filed: 09/07/2001
• Published: 01/24/2002
• Est. Priority Date: 01/03/2000
• Status: Abandoned Application

• Current Assignee: Renters Legal Liability, LLC
• Original Assignee: Renters Legal Liability, LLC
• Inventors: Taylor, Don
• Application Number:
  US09/947,330
• Publication Number:
  US 20020010601A1
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A method and apparatus for insuring both the owner and tenants within an apartment or multi-unit dwelling comprising: inputting into a computer processor a data base of building physical information, occupancy information, and tenant rental information; inputting into the computer processor an insurance qualification program for tenant insurance covering both the building owner and tenant from unintentional damage caused by the tenant from fire, smoke, explosions, water damage, or negligence injuries by the tenant caused to third parties pursuant to predetermined insurability criteria; qualifying the building for tenant and owner occupancy insurance, and computer translating and generating insurance coverage for the building owner based on the number of units in the building and insurance coverage limits desired, and billing the owner for renter'"'"'s single interest insurance.

Claims

1. A method for insuring an apartment or multi-unit dwelling unit comprising:

a. inputting into a computer processor a data base of sufficient building physical information and the number of units in the apartment complex or multi-unit dwelling complex to qualify the complex for fire insurance coverage,

b. inputting into a computer processor sufficient tenant data to qualify the complex for single renter insurance coverage,

c. computer qualifying the apartment or multi-unit dwelling via an algorithm processing the building physical information and the tenant data for tenant insurance covering the building owner from unintentional damage caused by the tenant from fire, smoke, explosions, water damage, or negligence injuries by the tenant caused to third parties pursuant to predetermined insurability criteria,

d. computer generating a base rate charge for the tenant insurance based on the building physical information and number of units in the complex,

e. issuing tenant insurance covering the building owner of the complex, and

f. billing the owner for the tenant insurance coverage.

2. A method for insuring an apartment or multi-unit dwelling unit according to claim 1, wherein the relevant building physical information comprises the full name of the insured, the mailing addresses of the building units, the number of buildings and units, the fire insurance policy on the building and rating by the four basic types of construction recognized in fire insurance coverage.

3. A method for insuring an apartment or multi-unit dwelling unit according to claim 1, wherein the relevant occupancy information comprises the total number of units occupied, and the total number of units vacant at the last reporting period.

4. A method for insuring an apartment or multi-unit dwelling unit according to claim 3, wherein the relevant occupancy information includes tenant rental information, such as lease agreement requirements, the limits of coverage, a credit report on the tenant coded to meet legal confidentiality requirements, a criminal background check of the tenant, and a character reference check of the tenant to verify his past tenant conduct.

5. A method for insuring an apartment or multi-unit dwelling unit according to claim 1, wherein the relevant building physical information, occupancy information, and tenant rental information is inputted monthly.

6. A method for insuring an apartment or multi-unit dwelling unit according to claim 1, wherein the tenant insurance covers both the owner and the tenant and the tenant'"'"'s personal property within the unit.

7. A method for insuring an apartment or multi-unit dwelling unit according to claim 6, including providing on-line real time computer display access to tenants to purchase either renters single interest or tenant occupancy insurance.

8. A method for insuring an apartment or multi-unit dwelling unit according to claim 1, including mailing notices requesting insurance verification to uninsured tenants and inputting and updating the working data base with the uninsured tenants'"'"' replies to the notices.

9. A method for insuring an apartment or multi-unit dwelling unit according to claim 1, including computer generating and transmitting trend report summaries of the status of uninsured tenants to authorized parties.

10. A method for insuring an apartment or multi-unit dwelling unit according to claim 8, wherein the report summaries are coded and masked for confidential access.

11. A method for insuring an apartment or multi-unit dwelling unit according to claim 1, including providing computer on-line access to a tenant to the insurance data base via interactive computer screens enabling the tenant to select the tenant occupancy insurance limits of coverage, and computer generating a bill for the insurance based on the number of units in the building and the limits of coverage, which is provided along with a tenant'"'"'s monthly rental statement.

36. A landlord renter'"'"'s single interest insurance policy according to the method of claim 1.

37. A tenant insurance policy according to claim 36, wherein the renter'"'"'s single interest insurance policy allows additional tenant occupancy insurance coverage, which also covers the tenant and the tenant'"'"'s personal property in addition to damage to the unit.

38. A tenant insurance policy according to claim 37, wherein the tenant occupancy insurance coverage policy allows the tenant to acquire coverage by paying an additional insurance premium as part of the unit rent.

12. A method for insuring an apartment or multi-unit dwelling unit comprising:

a. inputting into a computer processor a data base of relevant building physical information about the apartment complex or multi-unit dwelling complex such as the full name of the insured, the mailing addresses of the building units, the number of buildings and units, the fire insurance policy on the building and rating by the four basic types of construction recognized in fire insurance coverage

b. inputting into a computer relevant occupancy information about the apartment or multi-unit dwelling complex, such as the total number of units occupied by tenants, and the total number of units vacant at the last reporting period.

c. inputting into a computer relevant tenant rental information, such as lease agreement requirements, the limits of coverage, a credit report on the tenant coded to meet legal confidentiality requirements, a criminal background check of the tenant, and a character reference check of the tenant to verify his past tenant conduct,

g. computer qualifying the apartment or multi-unit dwelling via an algorithm processing the building physical information and the tenant data for tenant insurance covering the building owner from unintentional damage caused by the tenant from fire, smoke, explosions, water damage, or negligence injuries by the tenant caused to third parties pursuant to predetermined insurability criteria,

h. computer generating a base rate charge for the tenant insurance based on the building physical information and number of units in the complex, and the limits of coverage, issuing tenant insurance covering the building owner of the complex, and billing the owner for the tenant insurance coverage.

13. A method for insuring an apartment or multi-unit dwelling according to claim 12, wherein the tenant insurance provides a pre-set amount of coverage for displaced tenants, and an additional sum for living expenses to the tenant unintentionally causing damage to the dwelling unit.

14. A method for insuring an apartment or multi-unit dwelling according to claim 12, wherein the tenant insurance covers the building owner'"'"'s property for replacement cost.

15. A method for insuring an apartment or multi-unit dwelling according to claim 12, wherein the tenant insurance includes disability insurance, which pays the lease payment in the event an insured tenant is disabled.

16. A method for insuring an apartment or multi-unit dwelling according to claim 15, wherein the tenant insurance includes disability insurance, which also provides income benefits to the disabled tenant.

17. A method for insuring an apartment or multi-unit dwelling according to claim 12, wherein the tenant insurance includes an accidental death benefit payable to a beneficiary in the event of death of the tenant.

18. A method for insuring an apartment or multi-unit dwelling according to claim 12, wherein the owner is billed for insurance to be paid on lease renewal or generation.

19. A method for insuring an apartment or multi-unit dwelling according to claim 12, including requiring tenants who have opted to independently purchase insurance to issue an insurance certificate naming the property owner as an additional insured and/or certificate holder of record, and inputting property owner'"'"'s notice of tenants'"'"' insurance cancellation into the computer and monitoring the unit insurance coverage via computer.

20. A method for insuring an apartment or multi-unit dwelling according to claim 19, wherein the tenants'"'"' insurance cancellation is monitored from a remote monitor interconnected to the computer.

21. A method for insuring an apartment or multi-unit dwelling according to claim 19, wherein tenants allowing their insurance to lapse are automatically insured for resident single interest insurance and computer billed therefore.

22. A method for insuring an apartment or multi-unit dwelling according to claim 12 wherein the provider of the building insurance provides credits against policies covering the property owner who has 100% of the tenants'"'"' units insured.

23. A method for insuring an apartment or multi-unit dwelling according to claim 22, wherein resident single interest RSI certificates are issued to those insurance companies offering credits against policies.

24. A method for insuring an apartment or multi-unit dwelling according to claim 23, including computer linking the web site of those companies receiving RSI certificates with the computer.

25. A method for insuring an apartment or multi-unit dwelling according to claim 12, wherein the tenant insurance includes traditional HO-4 form policy coverage for the tenant.

26. A method for insuring an apartment or multi-unit dwelling according to claim 25, including computer linking the web site of those companies providing HO-4 form policy coverage with the computer.

27. A method for insuring an apartment or multi-unit dwelling according to claim 26, including allowing insurance companies offering traditional HO-4 form policies to advertise on the computer network.

28. A method for insuring an apartment or multi-unit dwelling according to claim 26, wherein the computer billing includes the fee for providing tradition HO-4 form policies.

29. A method for insuring an apartment or multi-unit dwelling according to claim 12, wherein the computer billing also includes a fee for management.

30. A method for insuring an apartment or multi-unit dwelling unit comprising:

a. inputting into a computer processor a data base of relevant building physical information about the apartment complex or multi-unit dwelling complex such as the full name of the insured, the mailing addresses of the building units, the number of buildings and units, the fire insurance policy on the building and rating by the four basic types of construction recognized in fire insurance coverage

b. inputting into a computer relevant occupancy information about the apartment or multi-unit dwelling complex, such as the total number of units occupied by tenants, and the total number of units vacant at the last reporting period.

c. inputting into a computer relevant tenant rental information, such as lease agreement requirements, the limits of coverage, a credit report on the tenant coded to meet legal confidentiality requirements, a criminal background check of the tenant, and a character reference check of the tenant to verify his past tenant conduct,

d. computer qualifying the apartment or multi-unit dwelling via an algorithm processing the building physical information and the tenant data for tenant insurance covering the building owner from unintentional damage caused by the tenant from fire, smoke, explosions, water damage, or negligence injuries by the tenant caused to third parties pursuant to predetermined insurability criteria,

e. computer qualifying the tenant for insurance covering unintentional damage to the tenant'"'"'s personal property after the apartment or multi-unit dwelling is qualified for tenant insurance,

f. computer generating a base rate charge for the tenant insurance based on the building physical information and number of units in the complex, and the limits of coverage, issuing tenant insurance covering the building owner of the complex from for replacement cost caused by unintentional tenant damage, and the tenant with a pre-set amount of actual cash value covering unintentional damage to the tenant'"'"'s personal property, and

g. billing the owner and the tenant for this insurance coverage.

32. A method for insuring an apartment or multi-unit dwelling unit according to claim 30, wherein the insurance provided qualifies as a limited licensing product, which can be offered for sale by building owners and managers under a limited insurance sales license.

33. An apparatus for insuring an apartment or multi-unit dwelling unit comprising:

a. input means,

b. storage means into which is inputted from the input means a data base of

i. sufficient building physical information about the apartment complex or multi-unit dwelling complex and number of units to qualify the complex for fire insurance coverage,

ii. sufficient tenant data to qualify the complex for renter'"'"'s single interest insurance coverage,

iii. a sorting and matching program to computer process the data bases by heuristic matching of non-corresponding sequences to generate a working data base of uninsured tenants and units to a pre-determined high degree of reliability,

c. a computer processor associated with the storage means data base to;

i. qualify the apartment or multi-unit dwelling unit for tenant occupancy insurance to protect the landowner from unintentional damage caused by fire, smoke, explosions, water damage, or negligence injuries caused by the tenant, and to calculate the insurance rates based on tenant occupancy,

ii. generate a base rate charge for the tenant insurance based on the building physical information and number of units in the complex, and

iii. issue tenant insurance covering the unit, and billing the owner for the tenant insurance coverage; and

d. an interactive display terminal operably associated with and activated by the computer processor to display insurance rates and allow interested parties to purchase tenant occupancy insurance.

34. An apparatus for insuring an apartment or multi-unit dwelling unit according to claim 33, wherein the data base includes:

i. relevant building physical information about the apartment complex or multi-unit dwelling complex such as the full name of the insured, the mailing addresses of the building units, the number of buildings and units, the fire insurance policy on the building and rating by the four basic types of construction recognized in fire insurance coverage,

ii. relevant occupancy information about the apartment or multi-unit dwelling complex, such as the total number of units occupied, and the total number of units vacant at the last reporting period,

iii. relevant tenant rental information, such as lease agreement requirements, a credit report on the tenant coded to meet legal confidentiality requirements, a criminal background check of the tenant, and a character reference check of the tenant to verify his past tenant conduct.

35. An apparatus for insuring an apartment or multi-unit dwelling unit according to claim 33, including electronic signal transfer means to transmit coded electronic signals to a receiving translator, which converts the coded electronic signals into printed reports for authorized building owners, managers, or insurance carriers.