Consilium, a specialist re/insurance brokerage, has launched a blended professional indemnity (PI), directors & officers (D&O) and crime policy to address the risks faced by real estate professionals when working collaboratively on property deals and ventures.
The launch aims to address the market gap left by a single PI and D&O policy not adequately addressing the risks faced by real estate businesses.
To minimise the gaps, Consilium’s Professional & Executive Risks team, in conjunction with in-house lawyer Duncan Childs, has drafted what it describes as a highly responsive proprietary wording.
This moves away from standard policy wording limitations; it uniquely tackles overlapping real estate risks such as negligence, mismanagement, and breach of duty in one comprehensive policy, delivering superior protection.
Combining commercial and investment management PI and D&O into a single policy benefits brokers and their real estate clients by reducing administrative burden, lowering total premium costs, and tailoring coverage that ensures all potential liabilities are adequately addressed, explained Consilium.
Further, facilitated by the in-house claims team, the unified coverage ensures a streamlined claims processes and avoidance of costly disputes.
Dominic Pilgrim, Partner, Professional & Executive Risk Solutions, Consilium, commented, “The real estate sector is increasingly complex, with professionals often working collaboratively; traditional single-line PI or D&O policies can leave gaps when responsibilities overlap.
“By blending these protections into one carefully drafted wording, we’re delivering a solution that not only mirrors the way real estate deals are structured but also streamlines claims handling and reduces overall costs.
“It’s a major step forward in protecting brokers and their clients in the sector, and once again reinforces our position as a speciality broker redefining excellence in the world of professional risk solutions.”
