4 Types of Policies to Know for Real Estate Development Insurance Services in Kirkland

 

4 Types of Policies to Know for Real Estate Development Insurance Services in KirklandAre you looking for an insurance provider that can bring you real estate development insurance services in Kirkland? American Insure-All® has extensive experience in providing contractors in real estate developers alike with the insurance options that they need for their projects. Whether you’re a contractor looking for bid bond insurance or a real estate developer who wants to know what type of insurance is best for their current project, our agents want to work with you to secure you the best deals and rates for your needs.

If you’re new to the real estate development game, here are four significant types of insurance that you should consider before beginning your next project:

Environmental Insurance

Environmental insurance aids in limiting risk and protecting real estate projects from unexpected expenses, which is especially vital when dealing with developments occurring on a brownfield. Working on brownfield sites come with many potential risks, including:

  • Unknown contaminants to the environment that require cleanup
  • Damage to natural resources that were previously unforeseen or unknown
  • Inadvertent release of contaminants on-site during the cleanup process
  • Cost overruns due to unexpected contaminants or remediation plans that didn’t work

There are also government regulation intermediation measures to take into account. If your project is aimed at revitalizing various parts of a community, it is well worth it to consider environmental insurance for your project.

Professional Liability Insurance for Real Estate Development

Real estate development projects can take months or even years for just planning alone, and there are several parties involved in ensuring that these projects go from being ideas to being implemented in our communities. This type of liability insurance is unique compared to a commercial general liability insurance policy. This is because it insures against those services and transactions conducted explicitly by real estate developers.

This can include:

  • Wrongful acts committed by a developer during preparation, transmittal, negotiation and awarding design and construction bid packages
  • Liability claims while obtaining permits, easements, variances, etc.
  • Claims related to management, supervision, and coordination of design and construction needs
  • Issues with title companies, real estate agents and property managers

Wrap-Up Policies

This type of insurance is also known as an owner-controlled insurance policy or a controlled insurance policy. It is purchased by the owner or general contractor on behalf of all participants in development. This can include contractors, subcontractors, engineers, and even architects.

While most of these participants have individual policies of their own for these projects, a wrap-up policy aims to fill in possible gaps in coverage amongst all parties by acting as an overarching commercial general liability insurance policy for the entire team. Not only does this streamline potential insurance claims, but it also offers benefits to contractors and subcontractors that their insurance might not cover, including coverage on residential multi-family development projects.

Course of Construction Policies

Also known as a builder’s risk policy, these types of insurance policies are designed to ensure fast resolution of property claims that occur on a construction project. The purpose of this is to minimize delays to keep everything on time for a given building project. These policies can insure against damage to contractors’ work and property as well as accidental loss.

Course of construction policies can also cover equipment, materials, and supplies that can be used on the project. The overall goal of course of construction policy is to protect the worksite while construction is underway and ensure that everything is being built on time, even if a claim is filed. This is an excellent policy to have in conjunction with a commercial general liability policy.

If you’re a developer looking for an experienced team that can help you secure real estate development insurance services in Kirkland, American Insure-All® is ready to help. For more information about our services, or to get a quote for your policy needs, give our friendly agents to call today at (888) 411-AUTO.