Condominium development carries some of the most closely watched long-tail liability in construction. Defect litigation after unit sales is a well-known exposure, which makes dedicated owner coverage — and its completed-operations component — especially relevant for condo developers.
Why condominium developers consider it
Because condominium claims frequently arise years after completion, once units are owned and occupied, the completed-operations protection in an Owner’s Interest policy is central. Relying on a contractor’s policy that may have lapsed or excluded habitational work leaves a serious gap. Owner’s Interest provides the developer with dedicated coverage, limits up to $10MM, and extended completed operations up to 10 years or the statute of repose. All terms are governed solely by the terms of the issued policy and depend on the specifics of the project.