A comprehensive real estate development policy protects owners, developers, and subcontractors from lawsuits related to a variety of risks. These policies can include standard and professional services, owned property developments, and environmental liability. The limits of these policies are typically capped at $10 million or $50 million, depending on the scope and size of the development. Taking the time to shop around for a developer liability policy can be beneficial for both parties.
Types of business insurance
Unlike other types of business insurance, real estate developer liability policies also cover mistakes made in the construction of property. For instance, if a home is built, the owner can file a lawsuit for water damage. In addition, if the company fails to provide proper construction materials, a potential tenant may file a suit over discrimination. Finally, if a developer makes an error during the construction process, it can be held responsible for any damages.
Real estate developer
A real estate developer needs a professional liability policy to protect itself against lawsuits. This type of coverage is essential to prevent errors and unforeseen costs. As a result, it is important to have liability insurance in place before starting a new project. A professional insurance policy will cover mistakes made during the development process. It will also help to make sure the developer has a thorough understanding of the obligations and risks of the project.