ACCIDENTAL DAMAGE WAIVER AGREEMENT
This Accidental Damage Waiver Agreement (“Agreement”) is provided as a benefit to Tenants who lease property managed by your Property Management Company (the “Company”) and is included with payment of a small payment of additional rent paid along with the monthly rental rate set forth in your Lease Agreement and/or Lease Addendum. This Agreement releases Tenant from liability or being charged for accidental loss or damage that may occur during the term of the Lease Agreement to covered real or personal property of the owner of the property that is occupied by the Tenant. This Agreement is subject to the maximum limit of liability and the terms and conditions set forth below.
Important Note: This Agreement is not insurance and should never be considered as a substitute for an insurance policy. This Agreement is not a replacement for property & casualty insurance and does not relate to liability insurance in any way.
DEFINITIONS
The following definitions apply to this Agreement:
1. Company means Property Management Company or in some cases Property Owner where the property owner manages his/her own property.
2. Leased Property means the rental unit you are occupying under the terms of your Lease Agreement and does not include any other unit or structure. Leased Property includes the interior of the unit, including furnishings, appliances and other fixtures. Leased Property also includes exterior areas appurtenant to the unit, such as porches or decks.
3. Tenant means you. Tenant also means, if residents of the Leased Property, your spouse, your relatives (as further defined below), minors in the care of you or your relatives, and other persons who are permanently residing at the Leased Property.
4. Relative means a person related to you by blood, marriage or adoption, who is a resident of the Leased Property, including a ward or foster child.
5. Occurrence means an accident, including continuous or repeated exposure to conditions, which results in unexpected property damage. All property damage resulting from a common cause shall be considered the result of one occurrence.
6. Tenant Personal Property for purposes of this Agreement means the personal property of the Tenant while within Leased Property.
AGREEMENT
By Tenant accepting this Agreement and in exchange for a small additional payment of rent agreed to in your Lease/Lease Addendum in addition to the monthly rental rate set forth in your Lease between Tenant and Company, the Company agrees to waive its right to recover from Tenant for any accidental damage by Tenant’s inadvertent acts or omissions resulting in damage to the property subject to the limits and terms and conditions set forth below. The limit of this waiver of liability per occurrence is a maximum of $5,000.00 (five thousand dollars) in the aggregate.
This Agreement does not replace or negate Tenant’s responsibility as the renter of the Leased Property. Tenant remains responsible for maintaining the Leased Property in the same condition in which it was received, except for ordinary wear and tear.
This Agreement is not a renter’s insurance policy or any other form of insurance policy. It will not provide any insurance coverage to Tenant, including, but not limited to, insurance coverage for theft, burglary, vandalism, or bodily or personal injury to a third person. In addition, this Agreement is not personal property insurance coverage and will not replace or provide protection similar to a traditional Tenant-owned renter’s insurance policy for Tenant Personal Property.
TERMS AND CONDITIONS
1. This Agreement does not apply to loss or damage resulting directly or indirectly from:
a. Intentional acts and omissions by Tenant and/or Tenant’s guests, when the consequences to the property could have been foreseen by a reasonable person including additional cleaning and/or maintenance resulting from abuse and/or neglect.
b. Neglect, misuse, abuse, vandalism, or malicious mischief.
c. Theft, burglary, or mysterious or unexplained disappearance.
d. Any act or omission by Tenant and/or Tenant’s guests in reckless or willful disregard as to the consequences to the property, including loss or damage caused by animals.
e. Loss or damage caused by pets.
f. Wear and tear, marring, scratching, deterioration, inherent vice, hidden or latent defect, mechanical breakdown or failure.
g. Any unreported damages.
h. Loss or damage in excess of the maximum limits of liability set forth above.
i. Death, injury or liability to any person.
j. Property owned by or brought onto the Leased Property by Tenant’s guests.
k. Acts of God or natural disaster.
l. Any weapon employing atomic fission or fusion, or by nuclear reaction or radiation or radioactive contamination from any other cause.
m. Loss or damage in a Leased Property unit if the number of persons occupying the unit exceeds that unit’s occupancy limit.
n. Loss of use of Leased Property or Tenant Personal Property.
o. Lost or stolen keys, re-keying, and keys not returned to the Company upon termination of your occupancy.
p. Additional cleaning hours if the Property is left excessively dirty following Tenant’s occupation of the Property.
q. Liability for damage to adjacent property of any kind.
This Agreement also does not apply to:
r. Accounts, bills, currency, deeds, evidences of debt, letters of credit, securities, money, notes, stamps, jewelry, watches, bullion, gold, silver, platinum, medals, gift cards or certificates, smart cards, stored value cards, precious stones, furs or garments trimmed with fur, works of art or antiques.
s. Motorized vehicles of any type whether licensed for road use or not, as well as any watercraft or aircraft.
t. Loss or damage to contraband or any other property not lawfully in the possession of the Tenant.
u. Loss or damage caused by or resulting from, contributed to or aggravated by:
i. Flood, surface water, tides, tidal water or tidal waves, storm surge, tsunami, seiche, overflow of any body of water, or spray from any of these, whether or not driven by wind;
ii. Water under the ground surface pressing on or flowing, seeping or leaking through foundations, walls, basements, floors or paved surfaces or through doors, windows or other similar openings;
iii. Earth movement, including, but not limited to, earthquake, landslide, mine subsidence, mudflow, earth sinking, rising, or shifting; or
iv. Volcanic eruption, including volcanic blast, air born shock wave, lava flow, and volcanic fallout.
v. Loss or damage caused directly or indirectly by:
i. War, including undeclared or civil war;
ii. Warlike actions by a military force or military personnel, including action in hindering or defending against an actual or expected attack by any government, sovereign or other authority using military personnel or other agents;
iii. Insurrection, rebellion, revolution, usurped power or action taken by governmental authority in hindering or defending against any of these; or
iv. Seizure or destruction of property by order of governmental authority.
2. This Agreement is subject to the following conditions:
a. Tenant must notify the Company of any loss or damage within 72 hours of the Tenant’s initial knowledge of any such loss or damage. Failure to notify the Company within 72 hours may void the Agreement and the terms herein.
b. Tenant must protect and preserve any damaged property from further loss or damage.
c. Tenant must, as often as may be reasonably required, exhibit all that remains of any damaged property.
d. Tenant must permit the Company or its designated representatives to make inspections of any damaged property at reasonable times.
e. Tenant must cooperate with the Company or its designated representatives by signing any documents and timely responding to any reasonable requests for additional information or documentation the Company or its designated representatives may require or request.
f. Tenant shall be responsible for the first $50 of damages for any covered event.
3. This Agreement may be administered by the Company and/or Company’s staff at the property. Such staff will have the authority to determine the extent of damages and necessary repairs for minor accidental damages. There may be incidents where an independent claims adjuster may be needed to determine the nature of the damage and eligibility of the waiver of liability described herein. The size, severity, and complexity of the incident will determine if the Company, a desk adjuster or a field adjuster is involved in processing the incident. When an independent field adjuster is retained to process and determine the eligibility and cause of an incident, the determination of said field adjuster shall be determined to be objective and final.
4. Tenant must permit the Company, any adjusters, insurers or designated representative to make inspections of any damaged property at reasonable times.
5. In the event of a loss, the amount of the proceeds paid to Company for restoration of the damaged property shall be the cost of reasonably restoring the property to its condition immediately before loss.
6. This Agreement may amend certain terms and conditions of the Lease Agreement between Tenant and the Company. In the event of any conflict between the Lease Agreement and this Agreement, the terms of this Agreement shall prevail. The terms of this Agreement may be altered or modified at any time upon thirty (30) days written notice to the Tenant.
7. If Tenant is in default of the Lease Agreement, then the terms, conditions, and benefits of this Agreement are voided and Tenant will be responsible for repair or replacement of the damaged property from the first dollar.
8. The Company and/or Company’s representatives have the right to recover against any third-party or entity who allegedly is responsible for causing the losses or damages in question. Tenant hereby agrees to assist in and cooperate fully with the Company, Company’s insurer and/or Company’s designated representatives regarding any and all efforts at recovery.
9. Tenant may not assign or transfer these Agreement terms, by operation of law or otherwise, without the Company’s prior consent. Any attempt by Tenant to assign or transfer these terms without such consent will be null and of no effect. The Company may assign or transfer these Agreement terms at its sole discretion, without restriction. Subject to the foregoing, these Agreement terms will bind and inure to the benefit of the parties, their successors and permitted assigns.
10. The failure of the Company to enforce any right or provision of this Agreement will not constitute a waiver of future enforcement of that right or provision. The waiver of any such right or provision will be effective only if in writing and signed by a duly authorized representative of the Company. The exercise of either party of any of its remedies under this Agreement will be without prejudice to other remedies under these terms or otherwise. If for any reason an arbitrator or court of competent jurisdiction finds any provision of this Agreement invalid or unenforceable, that provision will be enforced to the maximum extent permissible and the other provisions of this Agreement will remain in full force and effect.
11. In the event of any dispute relating to this Agreement the Company may require such dispute to be submitted to binding arbitration by making a written demand for arbitration.
12. The Company does not guarantee participation in the program provided by this Agreement. The program may be discontinued, altered or modified at any time upon thirty (30) days written notice.
13. Any notices or other communications permitted or required under this Agreement shall be in writing and given to Company at Company’s address of business.
14. The terms and conditions of this Agreement constitute the entire and exclusive understanding and agreement between the Company and Tenant, and these terms supersede and replace any and all prior oral or written understandings between the Company and Tenant regarding the Agreement.
15. This Agreement shall be construed and interpreted in accordance with the laws in the State of domicile of the principal office of the Company.
BY ACCEPTING THIS AGREEMENT, THIS DOCUMENT BECOMES PART OF THE LEASE AGREEMENT