Unlike other insurance companies that offer a modified Miscellaneous Professional Liability form for this class, Protective Specialty has created a Real Estate Professional Liability product to specifically address exposures unique to professionals and companies that conduct business in the real estate industry. Because this product was designed for real estate professionals, some standard coverage enhancements include defense costs coverage for licensing proceedings and Fair Housing Act discrimination claims, lockbox coverage and failure to disclose pollutants coverage.
Typical Client Profile
Designed for risks with up to $250 million in revenue on a primary and excess basis, addressing numerous real estate related classes of business including the following:
- Escrow Agents
- Real Estate Auctioneers
- Real Estate Agents and Brokers
- Closing Agents
- Leasing Agents
- Property Managers
- Title Agents
- Title Abstractors/Searchers
- Real Estate Consultants
- Notaries
Coverage Highlights
- Coverage is extended to employees while acting within the scope of their employment duties
- Independent contractor coverage while acting on behalf of the named insured
- Personal injury coverage
- Innocent insured coverage
- Punitive damages coverage
- Defense costs for discrimination liability: $100,000 (minimum)
- Lockbox liability: $10,000 (minimum)
- Failure to disclose pollutants coverage: $50,000 (minimum)
- Predecessor and successor firm coverage
- Mediation provision reduces retention
- Automatic subsidiary coverage
- Defense costs for licensing proceedings: $10,000 (minimum)
- Supplemental limit of liability for expense reimbursement of $250 per day with a $5,000 aggregate limit
- Automatic 60-day extended reporting period
Limits, Retentions and Premiums
- Limits Available: Up to $5,000,000 each claim/$5,000,000 aggregate
- Minimum Retention: $2,500
- Minimum Premium: $2,500
Geographic Coverage- Surplus lines coverage available in all states
- Admitted coverage available in a number of states.
- Coverage not available in New Hampshire
Distribution
U.S. based wholesale and retail insurance brokers
Submission Requirements
- Miscellaneous application and applicable supplemental application
- Most recent annual report and quarterly financial statements
- Copy of standard contract and engagement/proposal letter used with clients
- Brochure, advertisements, or other descriptive literature about the applicant firm, its operations and services
Submissions
Please send all submissions to: submission@protectivespecialty.com.
Forms
Product Brochure
Declarations Page
Policy
Miscellaneous Professional Liability Application
Real Estate Agents & Brokers, Property Manager & Real Estate Appraisers Supplemental Application
Contact
Nathaniel Aiken
P (317) 429-2646
naiken@protectivespecialty.com
Additional Contacts