 |
Builders Risk Insurance For A Construction Loan On A Mobile Home? |
Question by MommaMT | Posted in Insurance
We are trying to buy a new Mobile Home which will be converted to real property. We are working with a very well known bank institution and have been approved for a construction loan. They are telling me that Builders Risk Insurance needs to be purchased before they can give us a final approval on the loan. I called the local insurance companies and they insist they do not cover it for Mobile Homes. I brought this to the banks attention over a month ago, yet they are still telling me I need to
Answer: I've never heard of a Builders Risk policy on a mobile home, because the actual CONSTRUCTION happens in a factory - regardless of the kind of foundation you get for it.
Your BEST bet, is to hire a general contractor, who's going to be doing the work. The GC should have in place, a "blanket basis" builders risk policy, on a reporting form, so that every month he adds new projects, and deletes the ones that are completed. That's you ONLY chance, IMO, to get any form of builders risk coverage - but as it's in the GC's name, it will probably NOT satisfy the bank. You're going to have to go to a different bank, probably one that the builder recommends. Unfortunately, because |
| |
Do A Residential Wind And Hail Builders Risk Insurance Polcies Coverage Include Fire? |
Question by c10washington | Posted in Insurance
Does a Residential Wind and Hail Builder's Risk Policy cover fire damage?
Answer: No.
If the policy is specifically wind and hail coverage, that means you're in hurricane alley - FL, TX, or LA - and wind/hail is a SEPERATE coverage than regular "builders risk". Regular builders risk covers both fire and hail/wind, when it's available.
So when it's being sold seperately, you'd have to buy coverage for BOTH fire, and wind - two policies. |
Related Topics:
Texas Life And Health Insurance
Collectors Car Insurance
California Auto Insurance Rate
| |
Is Builders Risk Insurance The Same Thing As Course Of Construction Insurance? |
Question by SD Mike | Posted in Insurance
Answer: No. Builder's risk is a specific policy, that covers property only. It can be written for a specific location, or as a blanket. It can be written to include materials BEFORE they are added to the structure.
"Course of Construction" is a general term, that CAN include builders risk, but usually ALSO includes some premises liability coverage. It might include GL for the CG, might not. It may or may not include OCP. It's not a "real" name, just a commonality that a lot of contractors use. So when someone uses it, you have to pry a bit, and get more information about what exactly they mean, out of it.
**true, I spoke in insurance, not |
Related Topics:
World Insurance Group
Nationwide Insurance Employment
California Commissioner Of Insurance
| |
Home Owner’s Builder’s Risk Insu. Will Not Pay? |
Question by Sanju | Posted in Insurance
I had my own builder’s risk insurance during construction of my residence but the foundation wall collapsed on 3rd day, had to sue the builder b’case it was not build as per plan. Builder does not have builder’s insurance all he has is carpentry insurance – is this FRAUD ??. but my builder’s risk insurance denied the claim. I though they will pay to repair the collapsed wall and then recover form the builder – is there any way I can collect form my own insurance company?
Builder
Answer: This isn't fraud.
Builder's risk doesn't cover inherent vice or latent defect. Your builder's liability policy doesn't cover his own faulty workmanship, which is the cause of the loss, presumably.
The thing that would have covered this, would have been a performance bond. If you had one in place, call in the bond. If not, you need to consult a lawyer, to sue your insurance agent for not recommending a performance bond.
If you did "do it yourself" insurance, well, you should have advised yourself to get payment and performance bonds. Sorry. |
Related Topics:
Pennsylvania Term Life Insurance Quote
Peninsula Insurance Company
Temp Health Insurance
| |
What Does Builders Risk Insurance Cover? |
Question by cobraman | Posted in Insurance
Answer: Generally, it covers a building under construction. The exact perils can be different, and of course, there are endorsements you can add to cover, for example, building materials at the site that haven't been added to the structure yet, or in transit to the location.
It's a PROPERTY coverage, not a liability coverage.
It's not an absolute standardized form. You'll have to get a sample policy form to read it, if you want more details. |
Related Topics:
Pennsylvania Insurance Commission
California Auto Insurance Quote Online
Buildings Insurance Calculator
Essential Pieces Of Recognize Approximately Developers Risk ...
by admin
Builder’s risk insurance coverage is really useful for homeowners or contractors as many creditors, banks, financial institutions will finance the mission best while this insurance coverage is taken. Builder’s risk insurance coverage indemnifies the insured towards any loss, robbery, or injury to homes, structures, equipments, and fabrics throughout all the course of construction. Builder’s risk insurance coverage supplies protection for new building works, renovations, and remodelling works. Builder’s risk insurance coverage is essential for those operating in building industry. Construction websites are subject to various building-related dangers, accidents, injury and so forth that threatens the completion of mission and exposes fabrics in use or in transit to grave risk....
Read more...
|
Builders' risk