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Subject:
Project-specific liability insurance coverage for real estate developer
Category: Business and Money Asked by: slapshot66-ga List Price: $125.00 |
Posted:
08 Nov 2004 10:40 PST
Expires: 08 Dec 2004 10:40 PST Question ID: 426174 |
I am in the residential and commercial real estate development business. As the developer, I typically purchase raw land, improve it, and then provide "finished" pads to builders. A finished pad means that the pad is completely ready for construction to begin, with the following items installed: water lines, sewer lines, storm water management ponds and piping, main electricity lines, main phone lines, roads, curbs, landscaping and parking lots. I am in the process of writing a contract with a home builder whereby the home builder will be purchasing finished building pads. The home builder is requesting a 3-5 year warranty on all of the above items that I am responsible for installing. I need to identify and contact at least three different insurance companies that write this type of liability coverage in the state of Virginia. |
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There is no answer at this time. |
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Subject:
Re: Project-specific liability insurance coverage for real estate developer
From: tkeyes-ga on 13 Nov 2004 15:10 PST |
I am in the business and might be able to help you. I am assuming you need a warranty on just the finished pad, not the complete house. What is your sales volume? Only asking because you are probably going to run into a minimum premium situation. We just looked at one for a homebuilder in S. Florida that was a $250,000 minimum premium, but it covered the complete house. |
Subject:
Re: Project-specific liability insurance coverage for real estate developer
From: slapshot66-ga on 15 Nov 2004 06:06 PST |
tkeys-ga: Believe it or not the coverage I need is to warranty all of the development work. The issue is that 1/2 of the lots are being created as condominium lots even though they are single family-attached homes. The builder of the condominiums needs to give the the actual condominium association an extended warranty that covers all of the improvements within the condominium property. Would you please tell me the agent/firm you were working with on the pad warranty? It seems plausible that the same oufit may be able to extend coverage to the other items as well. Thank you very much...Mike |
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