Essential Coverage Components

Partnership Liability Protection

This fundamental coverage protects partners from claims arising from their joint ownership and management activities. It addresses situations where one partner's actions create liability for all partners, ensuring that individual partners aren't personally exposed to claims beyond their partnership interest.

Coverage typically includes:

• Joint and several liability protection
• Partnership agreement breach claims
• Management decision liability
• Fiduciary duty violations
• Professional negligence in property management

Property Damage and Business Interruption

Comprehensive property coverage protects the physical assets while business interruption insurance maintains cash flow during periods when properties cannot generate rental income due to covered losses.

Key features include:

• Buildings and contents coverage
• Loss of rental income protection
• Additional expenses for temporary arrangements
• Tenant displacement costs
• Expediting expenses for faster repairs

Professional Indemnity Coverage

For partnerships involved in property development, management, or advisory services, professional indemnity insurance protects against claims of negligent advice or services that result in financial loss to third parties.

Coverage areas include:

• Design and construction advice
• Property valuation services
• Lease negotiation and management
• Investment advisory services
• Regulatory compliance guidance

Environmental Liability Protection

Property partnerships often face environmental risks, particularly when dealing with older buildings or industrial properties. Environmental liability coverage protects against cleanup costs and third-party claims related to pollution or contamination.

Protection includes:

• Pollution cleanup costs
• Third-party environmental claims
• Regulatory fines and penalties
• Business interruption from environmental incidents
• Legal defense costs