The typical responsibilities of a property owner/developer create a professional services exposure profile that is not easily insured. Engineering, architecture, real estate sales, leasing, rental, construction, property management, maintenance and all other specialized services, whether performed by the insured or outsourced, are all tied to the success of the project and therefore an exposure for the property owner/ developer.
The products provided by Alpha Specialty Programs are sufficiently dynamic to handle exposures from traditional “for others for a fee” services to the complexity of owed-property development. The variety of potential project types and the Program’s flexibility to respond appropriately positions ALPHA Specialty Programs in a unique position in the market place for developer related risks.
John Schoerner was a panelist on a Real Estate Developers webinar hosted by PLUS. They covered what makes a Real Estate Developer and how to properly insure them. Click here to view the webinar.
“Means the customary services associated with the improvement and transaction of real property you have, had or propose to obtain a financial interest in.
Development professional services shall also include services as a general contractor, construction manager, technical consultant, surveyor, real estate agent/ broker, property manager, asset manager and any additional services listed as professional services.
In addition to the above, development professional services shall also include covered amounts and damages the insured incurs, and is legally entitled to recover, as a result of negligent acts, errors, and omissions of sub-consultants and sub-contractors with which the insured holds a contract.”
Professional Lines Practice Leader
Alpha Specialty Programs
A Division of Southern Insurance Underwriters, Inc., CMGA
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