Evidence of Insurance
The following are documents that verify that the borrower or contractor has adequate insurance coverage, protecting the financial interest in a construction loan by mitigating potential risks during the project. This ensures that liabilities, damages, or unforeseen events are covered, reducing the exposure to loss.
Types of insurance may include:
- Builders Risk
- Workers Compensation
- General Liability
- Excess Liability
- Automobile Liability
- Flood Insurance (If Necessary)
- Earthquake Insurance (If Necessary)