Real Estate Developers and Owners

Tailored industry coverage

 

Why purchase tailored coverage?

Many A&E forms are not adequately designed to cover the vast array of exposures faced by a real estate owner/developer that can arise from a multitude of venues. We provide tailor made protection for real estate professionals and owners/developers for professional liability exposures through all phases of acquisition, construction, operations and divestiture.

 

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Claims scenarios 

Not sure what risks our tailored Real Estate Developers/ Owners Form covers? We’ve brought some scenarios to life.

Real Estate

A commercial property manager was named in a class action lawsuit from a group of tenants alleging their landlord participated in a scheme to inflate their rent above the amounts legally permitted under NYC rent stabilization laws. A Hiscox RED Policy would defend the insured for multiple years throughout their lawsuit and contribute to any final awarded damages.

Real Estate

A commercial property manager was named in a class action lawsuit from a group of tenants alleging their landlord participated in a scheme to inflate their rent above the amounts legally permitted under NYC rent stabilization laws. A Hiscox RED Policy would defend the insured for multiple years throughout their lawsuit and contribute to any final awarded damages.

Construction & Development

A developer signs a lease agreement with a retail tenant for a new mixed used development and agrees to provide custom fit out for the tenant. Completion and tenant move in gets delayed for three months due to building mechanical and electrical design errors. Developer is liable to the tenant for delay damages and loss of revenues. The developer also incurs additional costs for redesign and construction and financial loss arising out of loss of rental income. The mechanical and electrical engineer responsible for the errors tenders their insurance policy contributing $500K to damages. A Hiscox RED policy would cover the Insured developer for all remaining and unrecoverable loss arising out of the sub consultant’s design errors.

Construction & Development

A developer signs a lease agreement with a retail tenant for a new mixed used development and agrees to provide custom fit out for the tenant. Completion and tenant move in gets delayed for three months due to building mechanical and electrical design errors. Developer is liable to the tenant for delay damages and loss of revenues. The developer also incurs additional costs for redesign and construction and financial loss arising out of loss of rental income. The mechanical and electrical engineer responsible for the errors tenders their insurance policy contributing $500K to damages. A Hiscox RED policy would cover the Insured developer for all remaining and unrecoverable loss arising out of the sub consultant’s design errors.