The real estate property managers and owners have day-to-day risks, along with the risks with the special projects like new construction and renovation. The range of coverage for property managers and building owners depends on the type of the properties they have.
Litigation has risen significantly against real estate owners and at the same time basic insurance covers available for them are not covering the total risks.
General liability insurance is the basic liability insurance policy which should be purchased by every property manager and related owner on every building. This protects them from huge losses that are highly prevailing in real estate business. The simplified form of the general liability insurance policy, features coverage extensions which previously had to be bought separately. Premises or operations, personal injuries, products or completed operations, contractual liability and broad form property damage are included in the new policy.
To make the policy completely to cover all the risks the following aspects should be included in the policy:
- Policy aggregate limits
- Absolute pollution liability exclusion
- Punitive damages exclusion
- Obtaining adequate limits of excess liability coverage
General Liability & Property Insurance, can also be referred as Business Owners Policy (BOP) is a combination of insurance coverages in a single policy that offers General Liability insurance policy at low costs and meets the insurance needs for small business owners and medical offices. General Liability and Property Insurance are very beneficial for a business because they provides a great financial security and gives mental peace, making the owner concentrate on the normal business activities.
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