Professional Liability Insurance
A property development project can take many months or even years to complete. A variety of professional employees are included in the project and as a real estate developer, you’re required to oversee all the work that gets completed. Professional liability insurance (PLI) provides coverage for wrongful acts or negligence that occurs during the project. This can include issues with permits or liability claims related to errors or omissions by a professional on staff.
Also called pollution liability, environmental insurance provides coverage for exposure to potentially dangerous pollutants. Redeveloping existing property can lead to the release of dangerous contaminants that could pose a risk to third parties working in the area or to the environment. Since most commercial liability policies contain an exclusion for pollution, this policy provides coverage for a serious potential gap.
Sometimes called builder’s risk insurance, a construction policy covers damage to the developer’s own property. The policy can provide protection for damage caused by construction and can extend to cover equipment, materials, and supplies. A construction policy takes care of any claims during construction and avoids construction delays.