Property Management Errors and Omissions Liability

(“MISTAKE LIABILITY”) COVERAGE

Coverage Type

  1. Liability — Pays on your behalf all sums you become legally obligated to pay by reason of any act, error, or omission rising out of services you render or failed to render. Such services include arranging for property maintenance, renting or leasing, construction, alteration, land development, etc.
  2. Defense and Settlement — Pays for defense of any claim or suit that is the subject of this insurance.

Examples

  • Mishandling of accounting and financial matters
  • Mismanagement
  • Exceeding authority under the contract
  • Failure to perform under the contract
  • Failure to obtain certificates of insurance from contractors for Workers’ Compensation insurance, resulting in owner being liable for the premiums
  • Giving incorrect property values, resulting in uninsured losses or excessive premiums
  • Failure to maintain an adequate amount of insurance

Important Coverage Feature

Intentional acts of employees (current and/or terminated) are covered.