There are several hazards a property owner faces that could result in a catastrophic liability lawsuit. This includes attractive nuisances (open access to a swimming pool, for example), elevator or escalator malfunction, inadequate security, negligent property maintenance, premises in disrepair, and unprotected slip hazards (such as spills or recently cleaned floors), among others. To determine an operation’s Umbrella needs, it’s essential to understand your client’s exposures. We recommend getting as much information about a client’s operation as possible.

Understand Your Client’s Operation

Property Amenities

For condos, apartments, co-ops, HOAs, townhouses, senior/independent housing, and other types of habitational risks, it’s important to assess the amenities available on the premises that could pose additional hazards and liability risks, including pools, barbecue areas and/or fire pits, recreational facilities or playgrounds, and fitness centers.

Auto Liability

Real estate company employees may use their personal vehicles or a company car to conduct business, leaving the property owners exposed to auto liability risks in an accident.

Security

For all types of real estate risks – from habitational to retail and commercial office buildings and strip malls, conduct a deep dive into the operation’s security exposures.

Determining Your Client’s Real Estate Umbrella Needs

When looking to place Real Estate Umbrella insurance, look for these coverage features to include:

  • No Assault and Battery exclusion
  • No Abuse and Molestation exclusion for some risks
  • Crisis Response Coverage
  • Unintentional Errors or Omissions
  • Broad Named Insured endorsement (to include additional insureds)
  • Limitation of coverage to specified locations endorsement – Newly acquired locations must be reported to and accepted by the company within ninety (90) days.
  • Follow-Form Coverages
    • Bodily Injury and Property Damage
    • Directors and Officers Liability for not-for-profit community associations
    • Discrimination
    • Auto Liability
    • Employee Benefit Liability
    • Advertising Injury
    • Host Liquor Liability
    • Personal Injury
    • Punitive or Exemplary Damages – except those related to a certified act of terrorism

Want to read more? Download our 58-page eBook, “How to Sell Umbrella Insurance.” Get FREE access to case scenarios, client prep questions, and more resources, download your copy here

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About Distinguished Programs

Distinguished Programs is a leading national insurance Program Manager providing specialized insurance programs to brokers and agents with specific expertise in Real Estate, Community Associations, Hotels, and Restaurants. Property and liability products are distributed through a national network of agents and brokers. Serving the same core markets and partnering with the most stable and reputable carriers, Distinguished Programs’ high-limit umbrella programs remain the clear choice in its areas of specialty for superior coverage, competitive pricing, and attentive service. Through thoughtful innovation, stemming back to 1995, Distinguished Programs fosters growth and opportunities for its brokers, carriers, and employees.

View a full list of our programs and submit business with Distinguished.

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