Real Estate Industry
Real estate has been a cornerstone of the U.S economy over the past 20 years. Investment, development and subsequent growth has expanded across all sectors from industrial to commercial and residential. As a result, the industry has become more competitive and the risk and complexities have increased.
Many developers maintain different real estate holdings in their portfolio. That’s why Ironshore offers a multi-line solution for various real estate needs including residential, industrial, commercial real estate clients, owners, managers, developers, brokers, real estate investment trusts (REITS),hotels hospitality and casinos.
Every project is unique, so our team of seasoned production specialists and claims representatives collaborate to provide the most efficient customized solutions. Our experience in the category will help you develop a comprehensive plan to protect your clients’ business for the long term.
Coverage against all risks of direct physical loss or damage to property on a first party basis. This form of property coverage offers a flexible approach for protection against real estate property risks (coverage available for earthquake, windstorm, and flood).
Minimum Premium: $25,000 with exceptions when we have the ability to write other lines of business
Environmental Site Pollution Incident Legal Liability Select (SPILLS)
Comprehensive environmental insurance policy that assists real estate companies in managing their environmental exposures. Covered exposures include: hazardous spills, storage tanks, mold, legionella, meth lab chemicals, complete NBCR terrorism cover, disinfection for bacteria and virus (including MRSA and Ebola), bodily injury from lead.
Limits: Up to $50MM
Low minimum premium: $10,000
Up to 100% defense outside the limits
Broad coverage for properties (no need to schedule properties)
Automatic acquisition coverage for newly acquired locations
Terrorism & Sabotage
Provides stand-alone coverage for property damage as a result of an act of terrorism and the business interruption that follows. Coverage can be expanded to include malicious damage, active shooter, cyber coverage, strikers, riots and civil commotions.
Limits: Up to $400MM
T3 policy cover available or the Ironshore follow form (depending on requirements)
Stand-Alone coverage is a global solution, government certification of losses not necessary (versus no paid claims under TRIA – not even following the Boston bombing)
Directors & Officers (D&O)
This provides coverage for defense costs and damages resulting from wrongful act allegations and lawsuits brought against a company’s board of directors and/or officers.
Up to $30MM
Miscellaneous Professional Liability
Provides protection to real estate companies from claims arising out of their professional services. Claims could be for allege financial losses sustained by 3rd parties due to the service provider’s alleged negligence or failing to perform a service.
Up to $15MM
General Casualty - Umbrella and Excess Liability
Commercial Market leading umbrella liability or follow-form excess liability coverage to assist real estate companies in managing their liability exposure. Coverage is available on an occurrence or claims-made basis with flexibility to tailor coverage to meet the specific needs of our clients. Underlying carriers must be rated A- VII or better by A.M. Best.
Limits: Up to $25M available
Minimum attachments for Umbrella: GL $1MM/$2MM/$2MM, Auto Liability $1MM CSL, Employer’s Liability $1MM/$1MM/$1MM
Minimum Premium: $40,000 - $100,000 depending on limits, attachment points, and class of business