As the economy across the United States continues its slow
improvement, many cities across the nation are experiencing a boom
in real estate development. From residential to public transit to public works, developers are bidding on and
undertaking large projects. Before beginning any new project, it is
important that a developer understands the extent of its insurance
coverage and ensures that it has adequate insurance to address the
particularly unique circumstances involved with real estate
development.
While most developers have a commercial general liability
policy, such liability policies, even though broad in scope, may
not fully protect a developer against all of the risks it may face
during development. For example, commercial general liability
policies respond to claims involving bodily injury and property
damage to third parties, but often do not provide coverage for
damage to the developer's own property.
