CAPITAL PROPERTY MANAGEMENT
VENDOR INSURANCE & RISK MANAGEMENT POLICY
Effective Date: June 1, 2026
Policy Version: 1.0
1. PURPOSE
Capital Property Management (“CPM”) is committed to protecting the properties under its management, property owners, tenants, vendors, and CPM from unnecessary risk arising from maintenance, repair, construction, and other contracted services.
This Vendor Insurance & Risk Management Policy establishes the minimum insurance and documentation requirements applicable to vendors, contractors, and subcontractors (“Vendors”) performing work at properties managed by CPM.
Unless CPM provides written approval of an exception, Vendors must satisfy the applicable requirements of this Policy before beginning work.
2. REQUIRED VENDOR DOCUMENTATION
Before a Vendor is approved to perform work, CPM may require the following:
☐ Executed CPM Vendor / Independent Contractor Agreement
☐ Completed IRS Form W-9
☐ Current Certificate of Insurance (“COI”)
☐ General Liability Additional Insured endorsement for ongoing operations
☐ General Liability Additional Insured endorsement for completed operations
☐ General Liability Waiver of Subrogation endorsement
☐ Workers’ Compensation Waiver of Subrogation endorsement
☐ General Liability Primary & Non-Contributory endorsement or policy wording
☐ Evidence of required Workers’ Compensation coverage
☐ Evidence of Commercial Automobile Liability coverage, when applicable
☐ Applicable professional or trade licenses
☐ Other insurance, licenses, permits, or documentation reasonably required based upon the scope and risk of the work
A Certificate of Insurance alone does not modify an insurance policy or necessarily establish Additional Insured, Waiver of Subrogation, or Primary & Non-Contributory status. CPM may therefore require copies of the applicable policy endorsements.
3. MINIMUM INSURANCE REQUIREMENTS
A. Commercial General Liability
Unless otherwise approved by CPM, Vendors shall maintain Commercial General Liability insurance with minimum limits of:
$1,000,000 — Each Occurrence
$2,000,000 — General Aggregate
$2,000,000 — Products/Completed Operations Aggregate
Coverage should include, as applicable:
Bodily Injury
Property Damage
Personal and Advertising Injury
Contractual Liability
Products and Completed Operations
Higher limits or umbrella/excess liability coverage may be required based upon the nature, scope, or risk of the work.
Additional Insured — Ongoing Operations
The Vendor shall provide Additional Insured coverage for ongoing operations using ISO CG 20 10 and/or CG 20 38, or an equivalent endorsement acceptable to CPM.
This coverage is intended to provide Additional Insured protection with respect to liability arising from the Vendor’s ongoing operations and work currently being performed.
When required by CPM, the Additional Insured endorsement shall include:
Capital Property Management and the applicable property owner(s), and their respective officers, members, managers, employees, and agents, as their interests may appear.
Additional Insured — Completed Operations
The Vendor shall provide Additional Insured coverage for completed operations using ISO CG 20 37 or an equivalent endorsement acceptable to CPM.
This coverage is intended to provide Additional Insured protection for covered bodily injury or property damage arising from the Vendor’s completed work after the Vendor has completed its operations or left the job site, subject to the terms, conditions, exclusions, and limitations of the applicable policy.
Completed Operations coverage shall be maintained for the period required by contract or otherwise specified by CPM.
Waiver of Subrogation — General Liability
Vendor shall provide a Waiver of Subrogation in favor of CPM and the applicable property owner(s) when required by CPM.
The waiver is intended to prevent the Vendor’s General Liability insurer, to the extent provided by the applicable endorsement and permitted by law, from pursuing recovery against the parties protected by the waiver after payment of a covered claim.
Primary & Non-Contributory
Vendor’s General Liability insurance shall include Primary and Non-Contributory coverage applicable to CPM and the applicable property owner(s) when they qualify as Additional Insureds.
Subject to the terms of the applicable policies and endorsements, the Vendor’s applicable insurance is intended to respond on a primary basis without seeking contribution from insurance maintained by CPM or the applicable property owner.
B. Workers’ Compensation & Employer’s Liability
Vendors shall maintain Workers’ Compensation insurance as required by applicable North Carolina law.
Unless otherwise approved by CPM, Employer’s Liability limits shall be no less than:
$500,000 — Each Accident
$500,000 — Disease, Each Employee
$500,000 — Disease, Policy Limit
Waiver of Subrogation — Workers’ Compensation
When required by CPM, the Vendor shall provide a Workers’ Compensation Waiver of Subrogation endorsement in favor of CPM and the applicable property owner(s), to the extent permitted by law.
The waiver is intended to prevent the Vendor’s Workers’ Compensation insurer, to the extent provided by the applicable endorsement and permitted by law, from pursuing recovery against the protected parties after payment of a covered claim.
Vendors Claiming Workers’ Compensation Exemption
A Vendor claiming that Workers’ Compensation coverage is not legally required must provide documentation reasonably satisfactory to CPM supporting the claimed exemption.
CPM reserves the right to require Workers’ Compensation coverage as a contractual condition of performing work even where a Vendor believes it is otherwise exempt from a statutory requirement.
Acceptance of exemption documentation by CPM does not constitute a legal determination by CPM that the Vendor is exempt.
C. Commercial Automobile Liability
Vendors using automobiles in connection with their work shall maintain Commercial Automobile Liability insurance, as applicable, with a minimum:
$1,000,000 Combined Single Limit
Coverage should apply to owned, hired, and non-owned automobiles as appropriate to the Vendor’s operations.
4. CERTIFICATE OF INSURANCE REQUIREMENTS
The Vendor shall provide CPM with a current Certificate of Insurance before beginning work.
The COI should identify:
Certificate Holder:
Capital Property Management
Address: 10520 Ligon Mill Road Ste. 104 Wake Forest, NC 27588
When required by CPM, the COI should indicate that Additional Insured, Waiver of Subrogation, and Primary & Non-Contributory provisions apply, subject to the applicable policy terms and endorsements.
A notation on a Certificate of Insurance does not replace the actual endorsement when an endorsement is required. CPM reserves the right to request and review copies of applicable endorsements.
5. REQUIRED INSURANCE ENDORSEMENT SUMMARY
Unless CPM approves otherwise in writing, Vendors subject to the applicable requirement shall provide:
General Liability
Additional Insured — Ongoing Operations
CG 20 10 and/or CG 20 38, or equivalent.
Provides Additional Insured protection with respect to the Vendor’s ongoing operations and work currently being performed, subject to the policy and endorsement.
Additional Insured — Completed Operations
CG 20 37, or equivalent.
Provides Additional Insured protection for covered bodily injury or property damage arising from completed work after the Vendor has completed operations, subject to the policy and endorsement.
Waiver of Subrogation
Provides a waiver in favor of CPM and applicable property owner(s), limiting the Vendor’s insurer’s subrogation rights against the protected parties to the extent provided by the endorsement and permitted by law.
Primary & Non-Contributory
Requires applicable Vendor insurance to apply on a primary basis and, subject to policy terms, without contribution from insurance maintained by CPM or applicable property owner(s).
Workers’ Compensation
Waiver of Subrogation
Provides a waiver in favor of CPM and applicable property owner(s), to the extent permitted by law and provided by the applicable endorsement.
6. CANCELLATION AND NON-RENEWAL
CPM requires Vendors to request that their insurance policies provide 30 days’ prior written notice of cancellation or non-renewal to CPM where such notice is available from the insurer and permitted by the applicable policy and law, with such shorter notice as may apply for cancellation due to nonpayment of premium.
Vendor shall independently notify CPM promptly upon becoming aware that any required insurance policy:
Has been cancelled;
Will not be renewed;
Has materially reduced coverage;
Has experienced a material reduction in limits; or
Has otherwise ceased to satisfy CPM’s insurance requirements.
Vendor shall not continue performing work for CPM after required coverage has lapsed unless CPM provides written authorization.
7. SUBCONTRACTORS
A Vendor utilizing subcontractors remains responsible for ensuring its subcontractors are properly qualified, licensed, and insured for the work they perform.
CPM may require subcontractors to maintain insurance meeting the same or similar requirements applicable to the primary Vendor.
The Vendor shall not assume that its own insurance automatically covers the acts or omissions of an uninsured subcontractor.
Upon request, Vendor shall provide CPM with Certificates of Insurance and applicable endorsements for its subcontractors.
8. HIGH-RISK AND SPECIALIZED VENDORS
CPM reserves the right to impose higher limits or additional insurance requirements based upon the nature of the work.
Examples may include:
Roofing
Electrical work
Plumbing
HVAC
Structural work
General contracting
Fire protection systems
Elevator work
Tree removal
Excavation
Environmental remediation
Mold remediation
Water/fire restoration
Work involving hazardous materials
Work involving significant heights
Professional engineering or design services
Additional requirements may include:
Umbrella / Excess Liability
Professional Liability / Errors & Omissions
Pollution Liability
Contractors Pollution Liability
Cyber Liability
Higher General Liability limits
Higher Automobile Liability limits
Project-specific insurance requirements
CPM may establish these requirements on a vendor-by-vendor or project-by-project basis.
9. INSURANCE DOES NOT LIMIT VENDOR RESPONSIBILITY
Vendor’s insurance requirements do not relieve Vendor from responsibility for its work or otherwise limit obligations assumed under the Vendor / Independent Contractor Agreement.
CPM’s review, acceptance, or failure to identify a deficiency in a COI, endorsement, insurance policy, or other document does not constitute a representation by CPM that the Vendor has adequate insurance or that the Vendor has satisfied all legal or contractual obligations.
Vendor remains responsible for maintaining all insurance required by its agreement with CPM and applicable law.
10. VENDOR COMPLIANCE AND EXPIRATION
Vendors are responsible for maintaining current insurance documentation with CPM.
Updated Certificates of Insurance and required endorsements shall be provided upon policy renewal or replacement.
CPM may designate a Vendor as Inactive, Non-Compliant, or Not Approved for Work if required insurance documentation expires or otherwise fails to satisfy this Policy.
Except for an emergency or a written exception approved by CPM:
NO REQUIRED INSURANCE DOCUMENTATION = NO WORK AUTHORIZATION
CPM may suspend new Work Orders until the Vendor’s documentation has been brought into compliance.
11. EXCEPTIONS
CPM recognizes that insurance appropriate for one type of Vendor may not be appropriate for another.
Any exception to this Policy must be approved by an authorized representative of CPM.
Factors CPM may consider include:
Nature of the work;
Dollar value of the work;
Potential for bodily injury;
Potential for property damage;
Whether the work involves occupied areas;
Whether the Vendor uses employees;
Licensing requirements;
Frequency of work;
Availability of the requested insurance coverage; and
Requirements imposed by the applicable property owner or property insurance carrier.
An exception granted to one Vendor does not establish an exception for any other Vendor.