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 the NEF, Inc. web site 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/Windstorm/Earthquake insurance
- General/Excess Liability insurance
- 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
- General Contractor’s Payment and Performance Bond
- Architect’s Professional Liability
- Environmental Consultant’s Professional Liability
- Property Manager’s (GP Affiliate Manager) Fidelity/Crime, Workers Comp, and General/Excess Liability
- Special project coverage
- ALL INSURANCE CARRIERS MUST BE AT LEAST A.M. BEST RATED A VIII
- All Project insurance policies, certificates and binders must name the following legal entities:
- The name of the operating entity (the “Partnership”) 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 Partnership must be listed as an “Additional Named Insured”.
- National Equity Fund, Inc. and, as applicable, either NEF Assignment Corporation, as nominee, its beneficiaries and their respective ISAOAs, or the Investment Fund, its successors and assigns, must be listed as an “Additional Insured”. Other “Additional Insured” may be required at the request of Insurance Risk Management.
- 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.
- The Certificate Holder’s rights of direct notice must be listed as “National Equity Fund, Inc.”
- Each Certificate or Binder must set forth the name of a producer and his/her email address and telephone number.
- Prior to closing, NEF’s insurance consultant will deliver an insurance protocol to the Sponsor and other parties to the transaction that identifies all applicable Named Insured and Additional Insured parties.
- To assure the proper insurance placements and documentation, it is important to provide these guidelines to the licensed insurance producer securing coverage on behalf of the Partnership.
- CERTAIN INVESTORS MAY HAVE ADDITIONAL INSURANCE REQUIREMENTS. SEE LINKS TO ADDITIONAL JP MORGAN CHASE REQUIREMENTS BELOW.
Please forward Certificates/Binders to the following:
National Equity Fund, Inc.
c/o Traxler & Tong, Inc.
P.O. Box 98
Sausalito, CA 94966
For additional information, please contact:
Traxler & Tong, Inc.
415-755-4085 ext. 204
Director of Insurance
National Equity Fund, Inc.
Please complete the insurance intake form and submit via email. Detailed submission instructions are provided on the form.
INSURANCE SPECIFICATIONS FOR JP MORGAN CHASE
Identification of Legal Interests–Closing Certs
National Flood Insurance Program
Architects: Sample Certificate of Liability
General Contractors: Sample Certificate of Liability