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Over the past twenty years, real estate transactions have become more complex based on the increasing sophistication of buyers, sellers, landlords and tenants. Some good examples of this concept are the complicated risk allocation provisions typically found in the transaction documents – such as indemnification provisions and obligations to obtain additional insured protection for the other party. When properly employed, these risk allocation provisions can protect each parties’ respective economic expectations in connection with the deal. On the other hand, when these risk allocation provisions are not carefully crafted, coordinated and, most importantly, understood, parties can face the significant financial hardship posed by uninsured claims and breach-of-contract liabilities.
At the same time, insurance companies are significantly reducing the coverage available to insureds. The broad coverage previously available for contractual indemnification claims or additional insured coverage is being reined in. What does this mean for real estate transactions and what can you do to make sure you have the coverage you need? Join our instructors as they answer these and other important insurance coverage questions.
This course was recorded at PBI’s A Day on Real Estate in August 2011. Our Day on Real Estate features some of the most popular sessions from PBI’s Real Estate Institute, and is a perfect way to stay up to date on the hottest real estate topics of the year. Other sessions available on PBI’s Online Campus cover actions to quiet title, receiverships for distressed assets, moving on distressed real estate, refinancing commercial loans and ethical issues for the “mobile lawyer.”