Insurance Review, Tracking and Management Reissue Services

The Vendor is required to provide all insurers affording coverage shown on documentation shall include the full, complete, specific name of the insurance company affording coverage including group
- The certificate should include all appropriate information for coverage, policy effective date, policy expiration date, policy numbers, policy limits and deductible.
- General Liability Insurance (Acord 25)
•    Commercial General Liability Insurance in the minimum amounts of $1,000,000 for each occurrence and $2,000,000 in per project aggregate; and
•    Evidence of Automobile Liability Insurance with minimum combined single limit of $1,000,000.
•    Evidence of Umbrella Liability Insurance with a minimum coverage of $5,000,000 each occurrence.
- An irrevocable letter of credit for 25% of the total construction costs in lieu of a Performance and Payment Bond may be presented Please speak to your point of contact regarding Letter of Credit requirements.
- Evidence of coverage should be provided prior to loan closing and be valid during the course of construction. If the policy is issued on a “claims made” basis, the Extended Reporting Period for the development to which the policy applied shall extend 5 years after obtaining an occupancy permit.
- Employees Dishonesty Insurance in an amount that is at least two and one‐half times greater than the monthly gross rent.
- In general, coverage for the rehab/construction risk should be evidenced in an amount at least equal to the Improvements and Betterments for the full amount of such improvements and betterments including the existing shell.
- Earthquake/Earth Movement Insurance: must be provided to cover the full cost of any building(s) impacted by any potential earthquake.