Lexington Insurance Co., a unit of AIG Commercial Insurance, launched the Lex Idle Asset Liability Protector, which takes care of the general liability risks of vacant land, graded lots, and partly completed and completed unsold homes/units.
The Lex Idle Asset Liability Protector is for real estate developers, private equity firms, pension funds and venture capital firms that invest in real estate, providing coverage to these entities for dormant assets owned for a long period of time.
The product offers primary general liability coverage up to $2 million per occurrence plus excess liability up to $10 million per occurrence. It can be customized to give premises operations coverage on its own or in combination with products/completed operations coverage.
For more information, visit www.lexingtoninsurance.com.
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