Prospect General, a program administrator based in La Jolla, Calif., has launch a real estate investor insurance program. The coverage will focus on investors who own primarily one to four unit residential dwellings but it will allow small habitational and light commercial properties as well.
Prospect is partnering with Lloyd’s of London for the product.
The product will cover both the property and liability for a portfolio on a single policy that allows for the addition and deletion of properties throughout the term. Properties will be covered to the stated value (inclusive of loss of rents and appliances/business personal property if requested) and the liability limits will include $1 million per occurrence with a $2 million general aggregate per property.
Graham Doran, executive vice president of Prospect, said multiple deductible, payment, and coverage options are available. Prospect also handles all the accounting and portfolio management activity for its production partners.
Prospect General Insurance Agency operates nationally and is a wholly owned subsidiary of Palomar Insurance Holdings.
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