Revision 091520 brz/p
STORAGE INSURANCE MASTER POLICY MANAGEMENT AGREEMENT
Version 120419 brz/p
Your license of, access to and use of Renter’s Insurance in conjunction with Yardi Breeze or Yardi Breeze Premier (collectively, “Yardi Breeze”) is made by and between you and Peak Insurance Advisors, LLC, a Texas limited liability company (“Peak”). For good and valuable consideration including the rights and obligations of the parties in the TOU and this Storage Insurance Master Policy Management Agreement (this “Agreement”), including the right to purchase a Master Policy, you acknowledge and agree as follows:
Peak is an insurance producer appointed by certain insurance underwriters and/or agents (“Insurer”) and is authorized to solicit and accept proposals for Insurer’s landlord required storage renter contract liability indemnification policies (each a “Master Policy,” and collectively the “Master Policies”). Client desires to purchase a Master Policy to provide certain limited storage unit renter personal property contents coverage for the insured location(s) specified herein, pursuant to the terms and conditions of this Agreement and each applicable Master Policy, in connection with the Client’s management of storage units using Yardi Breeze.
1. Master Policy. The Master Policy issued to Client is underwritten by Insurer. PEAK ACTS AS AN INSURANCE PRODUCER ONLY AND PEAK IS NOT AN UNDERWRITER OR INSURER. Peak is authorized to solicit and accept proposals for Master Policies and may issue Master Policies as provided by Insurer. Client (or Client’s designated entity, e.g., the ownership entity of each property) will be the named insured. The storage unit renter is only an additional insured and not a named insured under the Master Policy. For information on premiums, liability coverages, exclusions, and conditions under the Master Policy, Client should refer directly to the Master Policy. Client shall provide Peak with a list of properties within 30 days of initiating the Master Policy (“Property” or “Properties”), to which properties this Agreement shall apply.
2. Term and Cancellation or Non-Renewal.
a. The Initial Term, Term and the process for cancelling or terminating your Master Policy is tied to your registration of Yardi Breeze. If your Yardi Breeze agreement is cancelled or terminated, this Agreement is automatically cancelled or terminated at the same time. You may terminate the Master Policy with 30 days’ notice, without cancelling Yardi Breeze, by contacting a Yardi Breeze representative at (800) 866-1144. If Client or Client’s designated entity sells or ceases to manage a Property, then this Agreement shall terminate with respect to such Property.
b. Peak may terminate this Agreement if: (i) there has been a material breach that is not or cannot be cured within 7 days of written notice; or (ii) there has been a material breach and you do not acknowledge the breach or work diligently to cure the breach within a time period that is satisfactory to Peak.
c. Effect of Cancellation or Expiration of Master Policy. Upon cancellation or non-renewal of a Master Policy for any reason, all coverage shall immediately cease for all tenants.
d. Effect of Termination or Expiration of this Agreement. Upon termination or expiration of this Agreement, the relevant storage unit renter’s insurance functionality within Client’s instance of Yardi Breeze may be disabled.
e. Survival of Agreement Obligations. The parties’ obligations under Sections 4 (Confidentiality), 5 (Warranties), 6 (Damage Limitations), 7 (Waiver of Policy-Related Claims), 8 (Disputes), and 10 (General Provisions) shall survive this Agreement’s termination or expiration.
3. Premium Reporting and Remittance.
a. Premiums. Premiums shall be computed in accordance with Insurer’s rates as specified in the policy declarations or as amended from time to time by Insurer.
b. Reporting Schedule. Client authorizes Peak to extract the reporting schedule data from the database associated with Client’s instance of the property management software program that Client is licensing from Yardi. Peak shall deliver the reporting schedule to Insurer. Client is solely responsible for the accuracy of the data contained in the reporting schedule, which shall include all current enrolled units and prior month policy terminations and cancellations.
c. Remittance of Premiums. The premiums and any applicable taxes and fees set forth in Client’s Master Policy (together, the “Premiums”) shall be due and payable to Peak within 15 days of date of invoice thereof. Peak shall deduct its commission and remit the remaining Premiums to Insurer in a timely manner. Coverage for any individual residence premises and the occupying tenants will not be effective unless Client populates the reporting schedule and the appropriate Premium has been paid for such residence premises.
d. Failure to Pay. In the event of nonpayment or delayed payment of Premium or nonpayment of a monthly installment Premium, Insurer may, in its sole discretion, deny coverage and the same shall constitute cancellation of the policy. Client’s partial payment of Premiums are subject to the terms of the Master Policy, which may include cancellation thereof.
4. Confidentiality. The terms of Confidentiality, Exceptions, Disclosure Obligations, and Returning Confidential Information in the TOU shall apply among you, Yardi and Peak. Notwithstanding the foregoing, Peak may disclose Client Confidential Information to insurers, insurer agents, and other relevant third parties as necessary for the purpose of facilitating binding coverage under the Master Policies.
a. Disclaimer of Warranties. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, AND TO THE FULLEST EXTENT ALLOWED UNDER APPLICABLE LAW, PEAK DISCLAIMS ALL EXPRESS, IMPLIED AND STATUTORY WARRANTIES WITH REGARD TO THE SERVICES INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.
b. Administrative Fee. The parties acknowledge that Client, in its sole discretion, has determined the amount of the administrative fee, if any, it will charge and collect in addition to the Premiums, and Peak makes no representation that such additional fee is permissible under applicable state or local law.
6. Damage Limitations
a. Damage Waiver. REGARDLESS OF ANY OTHER PROVISION IN THIS AGREEMENT, AND TO THE FULLEST extent allowed by applicable law, PEAK DISCLAIMS ALL OBLIGATIONS AND LIABILITIES FOR SPECIAL, INDIRECT, INCIDENTAL, EXEMPLARY, PUNITIVE AND CONSEQUENTIAL DAMAGES, ATTORNEYS’ AND EXPERTS’ FEES, AND COURT COSTS (EVEN IF PEAK HAS BEEN ADVISED OF THE POSSIBILITY OF THESE DAMAGES), ARISING FROM OR IN CONNECTION WITH THIS AGREEMENT.
b. Liability Limit. In addition to the limitations otherwise set forth in this agreement, and to the fullest extent allowed by applicable law, Client agrees that in the event of any claim or cause of action by Client arising out of or connected with this Agreement, PEAK’s maximum liability to Client, regardless of the amount of loss client may have suffered, shall not exceed ONE THOUSAND DOLLARS ($1,000.00).
7. Waiver of Policy-Related Claims. Client acknowledges that Peak is merely an agent for Insurer and all claims under or relating to the Master Policies shall be made against Insurer. Client acknowledges that Peak is not liable for any claims under or relating to the Master Policies.
8. Disputes. The Disputes provision of your Yardi Breeze TOU as between you and Yardi shall apply as between you and Peak, and by this reference that provision is incorporated herein.
9. Assignment. This Agreement cannot be assigned by you for any reason without the prior, express, written consent of Peak, which Peak may withhold in its sole discretion. Any attempted or purported assignment without Peak’s prior, express, written consent is void. This Agreement is binding on and inures to the benefit of both you and Peak and our respective, authorized assigns, successors, and legal representatives.
10. General Provisions.
a. Independent Contractor Status. The parties agree that they are independent contractors and nothing in this Agreement is intended to make the parties partners, agents, joint venturers, or any other form of joint enterprise, or to make the employees, agents, or representatives of one of the parties into employees, agents, or representatives of the other party. No party to this Agreement shall have any express or implied right or authority to assume or create any obligations on behalf of the other party or to bind the other party to any contract, agreement, or undertaking with any third party.
b. Governing Law. This Agreement shall be governed and determined by the laws of the United States and the State of Texas as such laws are applied to agreements made and performed entirely within the State of Texas.
c. Venue. Any action or proceeding related to or arising out of this Agreement shall be resolved only in a court of competent jurisdiction in the City of Dallas, State of Texas (or the court of competent jurisdiction closest to the City of Dallas, TX if no court of competent jurisdiction resides in the City of Dallas, TX), and the parties consent to the personal jurisdiction of such courts and expressly waive any right they may otherwise have to cause any such action or proceeding to be brought or tried elsewhere.
d. Binding Effect. This Agreement is binding on and inures to the benefit of the parties and their permitted assigns, successors, and legal representatives.
e. Notices. All notices that Peak may be obligated to provide you will be sent to the email address you pro-vided during your Yardi Breeze registration and as may be updated by you from time to time. You expressly acknowledge and agree to keep your email address up to date. If you have any reason to contact Peak about your Services or provide Peak with a notice pursuant to this Agreement, you must write to Peak at:
PEAK INSURANCE ADVISORS, LLC
8616 Freeport Pkwy, Suite 300
Irving, TX 75063
f. Waiver. The waiver of a party’s breach of this Agreement shall not operate or be construed as a waiver of any other or subsequent breach.
g. Severability. If a court or other body of competent jurisdiction determines that any part of this Agreement is unenforceable, the remainder of this Agreement shall nevertheless remain enforceable.
h. Headings. This Agreement’s section headings and captions are inserted for convenience only and are not intended to form a material part of this Agreement.
j. Client Leases. Peak renders no legal opinion with respect to Client’s lease agreements. Client should obtain advice from its own legal counsel as to the enforceability and applicability of any provision, amendment or addendum to Client’s lease agreement relating to storage unit renter’s insurance.