Insurance broker / Property manager professional indemnity / Policy wording archive Property manager liability
Domcura Verwaltungsbeiräte: the policy wording in full
Zusatzbedingungen für Immobiliendienstleister und Verwaltungsbeiräte mit zehnjähriger Nachmeldefrist für Beiräte, Schlüsselverlust bis 50.000 Euro, Kassenfehlbeträgen und Vorsorge für Beiräte neuer Objekte.
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Everything about this policy
What the policy covers: 67 points, each with its clause
Quotes are shortened.
The full German wording of each point is on the German page for Domcura Verwaltungsbeiräte.
Basics
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Sum insured for financial loss per claim | yes, up to the sum insured | „Soweit im Versicherungsschein eine Versicherungssumme für die Wohnimmobilienverwaltung …“ | A II.1, page 13 |
| Annual aggregate limit | not addressed | ||
| Meets the statutory compulsory cover for property managers | not addressed | ||
| Sum insured for bodily injury and property damage (combined general liability) | not addressed | ||
| Trigger: act committed or claims made | yes | „umfasst die Vorwärtsversicherung die Folgen aller vom Beginn des Versicherungsschutzes …“ | B, page 13 |
| Open activity description covering the whole profession | not addressed | ||
| Defence costs in addition to the limit | not addressed | ||
| Defence against unfounded claims | not addressed | ||
| Territorial scope | not addressed | ||
| Serial claims clause | not addressed |
Covered management activities
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Management of owners' associations (condominium management) | yes | „die Inanspruchnahme des Versicherungsnehmers im bedingungsgemäßen Umfang als Organ / …“ | A I.5, page 11 |
| Rental and individual unit management | not addressed | ||
| Commercial property management | not addressed | ||
| Caretaker services and facility management | yes, up to EUR 20,000 | „Mitversichert ist in Abweichung von Teil C Besondere Bedingung Ziffer 1.4 auch die …“ | A I.6, page 11 |
| Owners' meetings and resolutions | not addressed | ||
| Annual accounts, budget and service charge statements | not addressed | ||
| Management of the maintenance reserve fund | not addressed | ||
| Commissioning and monitoring repairs and refurbishment | yes, up to the sum insured | „die Inanspruchnahme im Zusammenhang mit Maßnahmen zur Erhaltung, Instandhaltung und …“ | A I.6, page 11 |
| Managing building insurance, claims and underinsurance | yes, up to the sum insured | „soweit die Beendigung eines Versicherungsvertrags auf einer fahrlässigen Nichtzahlung …“ | A I.7, page 11 |
| Legal services within management, dunning and debt collection | not addressed | ||
| Tenancy deadlines and notices (rent increase, termination) | not addressed | ||
| Tax certificates for owners | yes, up to the sum insured | „das Ausweisen haushaltsnaher Dienstleistungen nach § 35 a EStG“ | A I.1, page 11 |
| Delegated duties of care (snow clearing, tree inspection) | not addressed | ||
| Brokerage and letting activity | yes, up to the sum insured | „die Vermittlung von Mietverträgen und die Entgegennahme von Mietkautionen“ | A I.2, page 11 |
| Advisory board of the owners' association covered | yes, up to EUR 50,000 | „die gesetzliche Haftpflicht des jeweils tätigen Verwaltungsbeiratsgremiums gemäß § 29 …“ | A I.11, page 12 |
Time scope
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Prior acts cover | not addressed | ||
| Unlimited prior acts cover | not addressed | ||
| Extended reporting period | yes | „die dem Versicherer nicht später als zehn Jahre nach Beendigung des …“ | B, page 13 |
| Run-off on retirement or sale of the business | not addressed | ||
| Automatic cover for new properties or activities | yes, up to EUR 50,000 | „eine Vorsorgeversicherung für Verwaltungsbeiräte“ | A I.11, page 12 |
| Continuity on switching insurer | not addressed |
Covered losses and costs
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Employee dishonesty (fidelity cover) | not addressed | ||
| Third-party fraud on managed funds (payment diversion) | not addressed | ||
| Bond or guarantee for client money | not addressed | ||
| Loss of keys and master key systems | yes, up to EUR 50,000 | „Hierfür gilt ein Sublimit von 50.000 EUR unter Anrechnung auf die …“ | A I.10, page 12 |
| Data protection breaches (GDPR) | not addressed | ||
| Third-party data loss | yes, up to the sum insured | „Mitversichert sind gesetzliche Haftpflichtansprüche, die durch unbefugte Eingriffe …“ | A I.14, page 12 |
| Loss of owners' documents and files | not addressed | ||
| Employees' personal liability covered | not addressed | ||
| Liability for subcontractors and freelancers | yes, up to EUR 20,000 | „auch die Durchführung von Service- oder Ausführungsarbeiten durch den …“ | A I.6, page 11 |
| Repayment of management fees as damages | not addressed | ||
| Damage to rented office premises | not addressed | ||
| Cyber own loss | not addressed | ||
| Mitigation costs | not addressed |
Exclusions
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Exclusion for knowing breach of duty | not addressed | ||
| Exclusion of cash shortfalls and misappropriation | none | „abweichend von § 4 Ziffer 4 AVB HV 31 Schäden, welche durch Fehlbeträge bei der …“ | A I.9, page 11 |
| Exclusion of investment of funds beyond bank deposits | not addressed | ||
| Exclusion for failure to arrange adequate insurance | not addressed | ||
| Exclusion of design, site management and cost estimates | not addressed | ||
| Exclusion of guarantees and performance claims | not addressed | ||
| Exclusion of fines and punitive damages | not addressed | ||
| Exclusion of own properties and related parties | not addressed | ||
| Exclusion of director or officer roles | not addressed | ||
| Cyber exclusion | none | „Mitversichert sind gesetzliche Haftpflichtansprüche, die durch unbefugte Eingriffe …“ | A I.14, page 12 |
Obligations
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Claim notice period | not addressed | ||
| Notification of circumstances | not addressed | ||
| Admission or settlement without consent | not addressed | ||
| Waiver for grossly negligent breach of obligations | not addressed | ||
| Annual reporting of turnover or units managed | not addressed | ||
| Duty to report changes in activity or units | not addressed | ||
| Insurance certificate and notice to the licensing authority | not addressed |
Deductible and contract
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Deductible per claim | not addressed | ||
| Deductible also applies to defence costs | not addressed | ||
| Minimum term and renewal | not addressed | ||
| Insurer's right to cancel after a claim | not addressed | ||
| Performance guarantee (minimum standard) | not addressed | ||
| Innovation clause | not addressed |
Evaluated by NAMMERT from published policy wordings.
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legally only the wording of your own contract in the edition stated there applies.
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Policy wordings and provider
- Legal entity
- Domcura AG (Assekuradeur)
- Distribution
- available through brokers
- Domcura Bedingungen Vermögensschaden-Haftpflicht Verwaltungsbeiräte (AVB HV 31, Besondere Bedingungen Immobiliendienstleister HV 4333, Beiräte HV 4335) Edition: HV 5918/02, F-VHB 31.07.2018 Original from the insurer (PDF, German)
Full text of the wording
The full text exists only in German.
It is printed on the German page for Domcura Verwaltungsbeiräte and available as plain text.
Volltext Domcura Verwaltungsbeiräte Hausverwalterhaftpflicht · As text (Markdown) Domcura Verwaltungsbeiräte Property manager liability