Every business requires comprehensive insurance coverage to
protect its assets and income. However, property owners and
developers need to consider more than just general liability,
workers' compensation and business interruption policies.
Professional Liability Insurance
Real estate development projects often span months with numerous
officers, directors and employees pitching in. All of these people
could incur some type of professional liability along the way. For
real estate developments, a professional liability policy provides
coverage for legal defense costs and damages incurred from wrongful
acts committed in the course of development.
The term "wrongful act" typically refers to actual or
alleged neglect, a tortious act, error, omission or breach of duty
committed in the performance of real estate development activities.
Such activities include:
