Jason Mezyk, former vice president of risk and insurance at Revantage Corporate Services, a unit of Blackstone Inc., has joined RiskRelease, an insurance technology that focuses on multi-family property coverage, as CEO.
Dallas-based RiskRelease, which has been under development for about a year, offers compliance and insurance services to property managers related to mandatory rental insurance.
The company’s systems can track rental insurance to ensure it is purchased, maintained and renewed, and provide insurance where required, said Mr. Music in an interview.
“What we have identified is that 40% to 50% of tenants have compliance tenants insurance required by their lease,”; he said. “It’s a big problem when it comes to being the owner / operator of a multi-family community, because if you have a loss and the tenant does not have insurance, it affects your net operating income.”
The company offers an exemption program for rental insurance, which for a monthly fee automatically registers tenants who choose not to buy their own coverage. The program provides up to $ 100,000 in legal liability insurance for tenants. RiskRelease uses a captive to support its ability to offer the exemption program, he said.
“Then every tenant is compliant, and if the tenant chooses to buy their own rental insurance, RiskRelease will review it for compliance, document it and monitor it daily,” said Mr. Music.