Insurance Information
General Insurance Provisions
For a comprehensive description of NEF's insurance requirements, both during and after construction of the Project, please refer to the insurance specifications below. The Project's Sponsor should direct the insurance agent/broker to this website for an explanation of the following types of insurance coverage, if applicable or required:
- Property, including Loss of Rents for any occupied units, and Boiler & Machinery
- Flood/Earthquake insurance
- General/Excess Liability insurance (refer to Guidelines)
- Worker's Compensation (for employees on the project site)
- Builder's Risk, including insurable soft costs
- General Contractor's (plus any separate contracted subcontractor's) Liability
- Architect's Professional Liability
- Environmental Consultant's Professional Liability
- General Partner's or Property Manager's Fidelity/Crime
- Special project coverage (e.g., risk/construction exposures or ownership financing structures)
1. All insurance carriers must be rated A-VI or better, as designated by A.M. Best & Company. Note: Risk Retention Group or Captive placement requires a fronting insurance company, with an A. M. Best rating of A VIII or better.
2. All Project insurance policies, certificates and binders must name the following legal entities:
| Name of Legal Entity | Legal Entity's Interest |
|---|---|
Name of the operating entity that legally owns the Project (either as an LP or LLC) |
Must be listed as the “Named Insured” (if it is a Master Program, then the Project name must be listed as an “Additional Insured”). |
| “National Equity Fund, Inc.” | Must be listed as the “Additional Insured”. |
| “NEF Assignment Corporation, as Nominee” | Must be listed as the “Additional Insured”. |
3. All Project insurance policies must have 30 days' notice of cancellation, except for non-payment of premium, in which case, ten (10) days' notice must be given.
4. The "Certificate Holder's" rights of direct notice must be listed as "National Equity Fund, Inc."
5. Each Certificate or Binder must set forth the name of a producer and his/her telephone number.
6. If the "Named Insured" on any insurance policy is different from the name of the Project, then the Certificate of Insurance/Evidence of Property should state, in the "Description" section, both: (i) the name of the Project; and (ii) the name of the operating entity that legally owns the Project.
Please forward Certificates/Binders to the following address and direct questions to:
National Equity Fund, Inc.
Attn: Risk Management
120 South Riverside Plaza, Suite 1500
Chicago, IL 60606
Grace A. Peskie,
ARM
Corporate Risk Manager
gpeskie@nefinc.org
Phone: 312-697-6156
Fax: 312-441-0498.
Insurance Specifications
Construction
Permanent
Assisted Living Service Providers
Other Documents
Identification of Legal Interests--Closing CertsNational Flood Insurance Program
Architects: Sample Certificate of Liability
General Contractors: Sample Certificate of Liability
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