Munich Re Specialty Insurance – North America (MRS-NA) has expanded its real estate professional liability solutions to provide specialized protection for real estate professionals facing increasingly complex professional, regulatory and operational risks.
Designed for the dynamic real estate market, this insurance helps protect businesses from claims involving errors, omissions, negligence, misrepresentations and other professional services risks that can result in significant financial losses, litigation costs and reputational damage.
Marcia Blanco, head of financial practice at MRS-NA, said: “As commercial real estate companies continue to move beyond traditional roles into development, asset management, leasing, consulting and real estate operations, professional liability risks are becoming more widespread and more difficult to predict.
“Our real estate professional liability solutions are designed to help clients navigate changing circumstances with flexible coverage and underwriting expertise specific to the real estate industry.”
MRS-NA’s enhanced offering supports a broad range of real estate professionals, including property managers, leasing agents, appraisers, real estate consultants, asset managers, auctioneers, mortgage professionals and business brokers.
Coverage is divided into basic and excess coverage, with limits up to $5 million, and provides defensive obligation protection and customizable definitions of professional services to address the unique risks of the individual insured.
Key features of the policy include a broad definition of insured that extends to independent contractors, joint ventures and subsidiaries, as well as automatic coverage for qualified subsidiaries.
Other enhancements include personal injury coverage for certain bodily injury and property damage claims, innocent coverage protection (until final determination) for alleged fraud and discrimination claims, and defense cost allocation provisions for covered and uncovered matters.
Real estate-specific options are also available, including owner-occupied division coverage for qualified perils.
The policy may also provide supplemental benefits for disciplinary proceedings, summons costs and loss of income, as well as punitive damages that are covered by law.
