NBIS, the exclusive manager for ProBuilders Specialty Insurance Co., RRG, has expanded its wrap product to include condominium conversion projects in all states except New York. NBIS is targeting the following conversion projects: 30 or fewer condo/town home units; three or fewer buildings; and projects $20 million or less.
Limits available are $2 million/$2 million/$2million. Minimum SIR is $50,000 per occurrence. Minimum premium varies by size of project.
Policy term-maximum is 24 months.
NBIS will require a mandatory sunset clause with clause options of two, three and five years on their wrap up conversion product.
NBIS is not looking to write cosmetic conversions. Exceptions will be made if the original building was completed in the past five years.
NBIS has created an application specifically designed for wrap up conversions. In addition to the application, the following is required:
*The insured must provide a forensic inspection report from Pacific Property Consultants (PPC) prior to quoting;
*Soil/geotechnical report (if applicable);
*Complete construction budget;
*Articles of incorporation or corporate bylaws;
*At least 5 years of acceptable loss information for the GC and/or the sponsor.
If bound, the insured will be required to contract with DBH for wrap up administration and Quality Built for risk management services, which include monitoring the completion of the recommendations of Pacific Property Consultants.
Applications and information is available on www.whitcombins.com.
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