Consilium, a specialty re/insurance brokerage, has launched hybrid professional indemnity (PI), directors and officers (D&O) and criminal policies to address the risks real estate professionals face when collaborating on real estate transactions and ventures.
The launch aims to address the market gap left by a single PI and D&O policy that fails to adequately address the risks faced by real estate companies.
To minimize the gap, Consilium’s professional and executive risk teams worked with in-house counsel Duncan Childs to draft what it described as highly sensitive proprietary wording.
This breaks away from the constraints of standard policy wording; it uniquely addresses overlapping real estate risks such as negligence, mismanagement and dereliction of duty in one comprehensive policy, providing superior protection.
Consilium explains that consolidating commercial and investment management PI and D&O into a single policy benefits brokers and their real estate clients by easing administrative burdens, lowering total premium costs, and tailoring coverage to ensure all potential liabilities are adequately addressed.
Additionally, with the assistance of an in-house claims team, unified coverage ensures a streamlined claims process and avoids costly disputes.
Dominic Pilgrim, Partner, Professional & Execution Risk Solutions at Consilium, commented: “The real estate industry is increasingly complex, with professionals often working collaboratively; traditional single PI or D&O policies can leave gaps where responsibilities overlap.
“By incorporating these protections into carefully drafted wording, we provide solutions that not only reflect the way real estate transactions are structured, but also simplify claims processing and reduce overall costs.
“This is an important step to protect brokers and their clients in the industry and once again cements our position as a specialist broker, redefining excellence in the specialist risk solutions space.”
