A New York-based program managing company is offering new coverage options for insurance agents working with property managers.
New Empire Group has expanded its property managers’ portfolio to include coverage for real estate agents and brokers, real estate consulting, construction management, asset management, property preservation, escrow agents and bookkeepers, among others, the company announced this month.
The SmartPro E&O insurance program for property management and real estate professionals features limits of between $250,000 to $5 million and is admitted in most states. The program has new breach of privacy exclusion.
Other features include:
• Claims alleging Fair Housing Discrimination Act violations: Legal defense is provided up to the limits of liability.
Loss, other than defense costs, is covered subject to sub-limit.
• No exclusion for Failure to Place or Failure to Maintain Insurance.
• Personal Injury coverage includes coverage for Wrongful Entry, Invasion of Privacy and Wrongful Eviction.
• Consent to Settle – No maximum on carrier’s liability in the event an insured refuses to consent to a recommended settlement (subject to applicable limits).
•The definition of loss includes punitive and exemplary damages where permitted by law, most favorable jurisdiction language, and pre- and post- judgement interest.
• Conduct exclusions are subject to final adjudication requirement.
• Exclusion for BI and PD does not apply to Consequential BI/PD, subject to underwriter approval.
• Civil Administrative and Civil Regulatory proceedings are included in the definition of claims.
• Pollution extension for Third Party Financial Loss, subject to sub-limit.
• Allocation – 100% defense costs for claims alleging both covered and uncovered matters.
• Reporting – Notice of circumstances which could give rise to a claim may be reported during EPR, if purchased.
Submissions should include the application, loss history and details on any claims.
