Property Managers
The need for real estate property management errors and omissions insurance has grown over the past few decades because of several factors:
1) More knowledgeable property buyers or investors, both residential or commercial.
2) The need for more education to keep up with new, technical building systems.
3) Increased owner, tenant and employee needs.
4) An overall significant increase in the scope of property management duties.
Property management firms have many exposures that can lead to a lawsuit. Dealing with owners, residents, employees, vendors and regulatory authorities of both residential and commercial properties can and does lead to lawsuits. Things go wrong, and the property manager is always the one in the middle of the problem. Quality errors and omissions insurance is a necessity.
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15 Important Features of SmartPro Errors & Omissions Insurance
1. Owned and Managed Property: Coverage provided for many owned and managed scenarios.
2. Failure to Place or Maintain Insurance: No exclusion.
3. Personal Injury Coverage: Coverage is provided.
4. Allegations of Fair Housing Discrimination Violation: Legal Defense is provided.
5. Punitive and Exemplary Damages: Coverage is provided (where insurable).
6. Internet: Coverage is provided for Insured Services including those that are performed electronically utilizing the Internet.
7. Bodily Injury/Property Damage: Exclusion does not apply to contingent BI/PD.
8. Subsidiaries: Newly aquired subsidiaries are automatically included as an insured when revenues are 15% or less of Insured’s annual revenues.
9. Full Severability: Full severability is provided with respect to fraud so that knowledge by one insured person cannot be imputed to another insured person, thereby preserving coverage for those who are innocent.
10. Allocation: 100% Defense Costs for claims alleging both covered and uncovered matters.
11. If Insured Refuses Consent To Settle: Company will still be responsible for seventy percent (70%) of any covered amounts in excess of the proposed settlement.
12. Domestic Partner: Included in definition of insured.
13. 60 Day Extended Reporting Period From Expiration of Policy Period.
14. Duty to Defend: Anywhere in the world.
15. Non Cancellable: Except for Non-payment of premium.
Actual coverage is subject to the policies as issued.
For more information contact us at ejmackoul@mackoul.com.
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