Munich Re Specialty Expands Real Estate Professional Liability Coverage
PRODUCT: Munich Re Specialty—North America Real Estate Professional Liability Solution.
COMPANIES: Munich Re Specialty Insurance—North America (MRS-NA) backed by insurers within the Munich Re Group specialty insurance platform.
BEST RATING: A+ (superior).
AVAILABILITY: Appointed agents, brokers and wholesalers only.
FOCUS: The Real Estate Professional Liability solution was created to address the increasingly complex professional liability exposures facing today’s real estate businesses. As firms expand beyond traditional brokerage activities, their professional liability risks have become broader and more sophisticated.
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“Our Real Estate Professional Liability solution is designed to help clients navigate this changing environment with flexible coverage and underwriting expertise tailored to the real estate sector,” says Marcia Blanco, head of financial lines, MRS-NA.
COVERAGE DETAILS: This solution provides specialized protection against claims arising from errors & omissions, negligence, misrepresentation and other professional services exposures that can result in litigation costs, financial losses and reputational damage.
Coverage is available on both a primary and excess basis and can provide limits up to $5 million, with duty-to-defend protection and customizable professional services definitions to address the unique exposures of individual insureds.
Additional enhancements include personal injury coverage for certain bodily injury and property damage claims, innocent insured protection for alleged fraud and discrimination claims until final adjudication, and defense-cost allocation provisions for covered and uncovered matters. Real estate-specific options, including owned-property carve-back coverage for eligible risks, are also available.
The policy can also provide supplementary benefits for disciplinary proceedings, subpoena expenses and loss of earnings, as well as punitive damages where insurable by law.
UNDERWRITING: While specific underwriting guidelines are proprietary, underwriting generally considers the type of real estate services performed, annual revenue, years in business, claims history, professional qualifications and licensing, risk management and compliance controls, transaction volume and operational complexity.
TARGET: The solution is designed for a broad range of real estate professionals, including brokers, agents, property managers, developers, appraisers, real estate consultants, escrow agents and asset managers.
COVERAGE AVAILABILITY: All U.S. states.
CONTACT: Kelly Basler, senior vice president and underwriting manager, excess & surplus financial lines miscellaneous professional liability, Munich Re Specialty—North America.
Will Jones is IA editor-in-chief.
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