By Chris Munro

March 3 - (The Insurer) - Stateside Underwriting Agency has secured capacity support from QBE North America to back a new E&O insurance program aimed at property managers, including those firms and individuals involved in construction and property development.

The new program is offered on an admitted basis and provides primary policy limits of up to $5 million per claim and $5 million in aggregate.

Among the classes targeted by the new program are property management professionals and those offering ancillary services such as residential real estate agent or broker services, property development management, construction management and leasing services.

“There is no such thing as an 'easy button' for managers of residential and commercial properties and their responsibilities come with significant challenges and risks,” said Chad Gaizutis, vice president at Stateside Underwriting Agency.

“Together with QBE, we have leveraged our collective experience and strengths in niche products and markets to create an insurance program that offers tailored coverage for property managers as they navigate evolving hazards and exposures,” Gaizutis added.

QBE North America’s head of professional liability Danielle Librizzi said the new E&O program addresses the dynamic needs of property managers and enhances their capability to mitigate risks effectively.

Johnson & Johnson, Inc subsidiary Stateside has written professional liability coverage for almost 30 years.

Alongside its new property managers-focused program, Stateside offers E&O coverages for architects and engineers, design-build contractors and manufacturers, along with insurance agents.

Stateside, which operates from two offices – one in Crystal Lake, Illinois, and the other in Chagrin Falls, Ohio – also has a mortgage bankers program, a cyber product and an offering targeted at quasi financial institutions and, as they describe it, “weird stuff”, like unusual accounts, among others.