When evaluating Real Estate umbrella programs for Condominium Associations, Apartment Buildings, Commercial Real Estate or Cooperatives individual policy limits on a per premises basis may be an important coverage feature for your Real Estate clients.  For example, does the underlying schedule list individual buildings as separate locations or does it list each building as an additional building at a single location?   This small difference can be a big deal when it comes to per location aggregates on both the primary and excess policies.   It can also be a competitive advantage dramatically changing the available limits under a policy.

 In addition to this, below are some other coverage features to look for in a commercial umbrella policy.

• Separate Excess and Umbrella Aggregates
• Coverage A- Excess Liability which adopts the provisions of scheduled underlying policies and includes “Duty to Defend” after erosion of underlying limits.
• Coverage B – Umbrella Liability- Broadened coverage to reduce gaps in primary insurance programs and to offer protection when no primary insurance applies.
• Inclusion of Real Estate Managers as insureds.
• Loss events and Suits outside the US.
• Umbrella coverage for Nonowned Watercraft.
• Damage to Third Party Property in Care Custody or Control.
• Business and host liquor.                                                                      

To learn more about the coverages discussed here, contact any one of our knowledgeable underwriters and we will be more than happy to help you with any questions you may have!  You can also forward new submissions to [email protected].

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 Check out the great Insurance Programs for Condominium Insurance, Cooperative Insurance, Apartment Insurance and Property Manager’s Insurance that New Empire Group, Ltd. offers!