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Chapter 17 Definitions

Chapter 17 Definitions

Terms

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Tenant Improvement
Alterations to building to meet commercial or industrial tenant's particular space needs; must clarify trade fixtures (tenant's personal property) vs. landlord ownership
Property Manager
Property manager (agent) is hired by the owner (principal) to maintain owner's investment and ensure that the property produces income
Worker's Compensation Act
Covers claims for medical or hospital payment for injuries sustained by building employees hurt in the course of employment
Multiperil Policy
Insurance package for apartment, commercial buildings; standard fire, hazard, public liability and casualty, require special coverage for earthquakes and floods
Preventative Maintenance
Regularly scheduled maintenance to prevent costly breakdowns; i.e., paining and seasonal servicing of appliances and system.
Surety Bond
Cover an owner against financial losses resulting from employee's criminal acts or negligence while performing assigned duties
Rent
Fixed, periodic payment make by tenant to owner for possession and use, usually by prior agreement of the parties
Casualty Insurance
Coverage against theft, burglary, vandalism and machinery dames; health and accident insurance; often written for specific risks, i.e., theft, rather than all inclusive
Corrective Maintenance
Actual repairs that keep building equipment functioning; i.e., repairing a boiler, fixing a leaky faucet, fixing an air conditioner
Management Agreement
Document setting up an agency relationship between owner and property manager who is general agent establishing the rights and duties of each party
Life Cycle Costing
Initial and operating costs of equipment over its expected life must be measured to compare total cost of one type of equipment with that of another
Risk management
Perils of any risk evaluated in terms of options: avoid, control, transfer or retain (ACTOR); often involves buying insurance to transfer risk to third party

Deck Info

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