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Miscellaneous Professional Liability Insurance for Property Managers

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Miscellaneous Professional Liability Insurance for Property Managers Miscellaneous Professional Liability Insurance for Property Managers Property managers face unique and • Residential varied risk exposures. In addition to • Industrial maintaining physical property, property • Ofce management frms must remain informed • Collegiate of the laws and regulations that apply • Retail to property owners and properties under management. Assisting property owners in complying with this body of Claims Scenarios regulations can be complex and increase the exposure these frms face. A property manager oversees a strip mall. Over a period of years, this property Even if no one in your company is at manager does not maintain the property fault, defense and settlement costs can as contracted. As a result, the owner quickly add up. Fortunately, Chubb is forced to lower the monthly rent for ofers Miscellaneous Professional tenants. He sues the property manager Liability (MPL) insurance to a variety of for loss of income. service providers, including property managers. Chubb’s MPL insurance A tenant sues the building owner and can be tailored to address situations in property manager, alleging that both which property managers are afliated promised to repair a number of faulty with Real Estate Investment Trusts, items in an apartment to induce rental of hold minority ownership positions in the unit. In addition, the lease allegedly properties under management, or engage contained provisions for repairs. The in the performance of related real estate tenant claims the repairs were never services, such as acting as a real estate made, causing him severe mental agent or broker. anguish, separation from his wife and lost wages. The tenant sues for fraud, MPL coverage can be tailored to meet the negligent misrepresentation, negligence, coverage needs of managers in a variety of violations of the State Consumer properties, including: Protection Act and breach of contract. A corporation contracts with a property • Tenant discrimination defense costs We provide this coverage on a monoline management frm to lease a foor in one of sublimit for Fair Housing Act Claims Inpo thlicey Nformews: o rAllegations as part of a suiteagainst of its buildings. Six months after relocating • Lockbox property damage sub-limit Prspecopialtertyy liabilit Managy ers to this property, construction begins on • Pollutants disclosure sub-limit the road leading to this property. This • Consequential bodily injury/property • A condominium board sued its causes heavy trafc, which makes it damage sub-limit property management company difcult for vendors to reach the building, • Management of properties in which alleging hundreds of thousands of leading to a decrease in productivity. The the property manager has a minority dollars in unauthorized expenses corporation sues for misrepresentation ownership interest were incurred, some of which were as they were not told of the road • Inclusion of natural person alleged to be personal expenses of construction that had been scheduled independent contractors when the on-site manager. before they entered into the lease. performing Professional Services on • The Justice Department brought behalf of the property manager allegations of discrimination in A new property owner sued the property • Property Managers’ Hotline, providing violation of the Fair Housing Act manager and the former property owner feedback and advice before a against a residential complex for misrepresentations made during the potentially costly action is taken: property manager. purchase process. Allegations included – Available to property managers • The state ordered a property the omission of allegedly known facts purchasing one of Chubb’s MPL manager to pay thousands of dollars about the condition of the property and insurance product in civil penalties following the theft inaccurate representations about the – Counsel and guidance provided by of a laptop containing the personal status of future maintenance and repairs. attorneys specializing in real estate information of more than 600 law people. A property owner sued a property – Hotline available Monday through manager for breach of contract for Friday, 8 a.m. – 5 p.m. PST failure to maintain an acceptable level Contact Us of active leases, to collect and forward security deposits and rental income, to The Chubb Advantage For more information on MPL Insurance maintain adequate expense records, to for Property Managers, pay vendors in a timely fashion and to Chubb has earned its leadership position contact your local agent or visit supervise on-site personnel. Damages in professional liability insurance as a www.chubb.com/us/professionalliability. sought included lost rental revenues result of our: and expenses incurred as a result of the alleged breaches. • Financial stability: Chubb receives consistently high ratings for fnancial strength from A.M. Best, Moody’s and Standard & Poor’s, the leading Coverage Features independent analysts for the insurance industry. The following MPL insurance features are • Reputation for paying claims and available for property managers: superior service: Our reputation for expert, fair claims handling is • Broad defnition of Wrongful Act renowned in the industry. includes personal injury exposures and • Broad coverage: Our MPL insurance the ability to manuscript the defnition products ofer some of the broadest of Professional Services coverage available in the marketplace. The claim scenarios described here are hypothetical and are ofered solely to illustrate the types of situations that may result in claims. These scenarios are not based on actual claims and should not be compared to an actual claim. The precise coverage aforded by any insurer is subject to the terms and conditions of the policies as issued. Whether or to what extent a particular loss is covered depends on the facts and circumstances of the loss, the terms and conditions of the policy as issued and applicable law. Chubb is the marketing name used to refer to subsidiaries of Chubb Limited providing insurance and related services. For a list of these subsidiaries, please visit our website www.chubb.com. Product highlights are summaries only. Please see the actual policy for terms and conditions. Products may not be available in all locations, and remain subject to Chubb’s underwriting criteria. Surplus lines insurance is sold only through licensed surplus lines producers. Copyright©2017 Chubb Form 17010190 (Rev. 2/17) .
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