Key Takeaways
- Contractors need GL ($1M/$2M), Workers' Comp, and Auto coverage; title companies need E&O and Fidelity Bonds.
- Require Additional Insured endorsements on vendor GL policies to extend their coverage to the investor.
- Builder's Risk insurance fills the common gap between contractor GL and investor property insurance during renovations.
- Verify insurance certificates directly with carriers for Tier 1 vendors—fraudulent certificates exist.
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Test Your Knowledge
1.What is operational risk?
2.What is a risk register?
3.What is the Recovery Time Objective (RTO)?