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A managing general underwriter plans to introduce a policy that will partially reimburse commercial landlords who have started eviction proceedings against their tenants.
Commercial Real Estate Default Rent Insurance, which will be launched Nov. 1, will be backed by Manchester, New Hampshire-based Covington Specialty Insurance Co., a unit of RSUI Group Inc., said Erez Golomb, CEO of Balboa, California-based E. Golomb Insurance Services Inc., which is underwriting the coverage. The product will be distributed through CRC Swett, he said.
Landlords who have started eviction proceedings can recover 50% of the landlord’s rent, for a policy premium of $850 per year, or 70%, for a $1,150 annual premium, said Mr. Golomb. It will not provide coverage for other reasons, such as if the site is closed if it is not habitable, he said.
Houston International Insurance Group Ltd. on Friday said it has agreed to acquire the remaining shares it does not own of Creative Risk Underwriters LLC.