818 Capital Partners
THE RELATIONSHIP BEHIND THE CAPITAL
110 Wall Street, New York, NY 10005 · 818capitalpartners.com
Principal
Ravi Punn
(917) 993-9194
ravi@818capitalpartners.com
Insurance Requirements
For delivery to borrower's insurance broker. Evidence of coverage must be received and approved by 818 no later than five (5) business days prior to the closing date.
01
Coverage Requirements
Minimums; broker may bind higher amounts at borrower's discretion.
| Coverage | Form / type | Minimum limit |
|---|---|---|
| Property — required for every loan | ||
| Hazard / property | Special form (ISO HO-3 / CP 10 30) — replacement cost basis, no co-insurance penalty | 100% of replacement cost |
| Loss-of-rents | Required for DSCR & multifamily; 12 months actual loss sustained | 12 × monthly gross rent |
| General liability | Per-occurrence & aggregate, premises liability | $1,000,000 / $2,000,000 |
| Conditional — required when applicable | ||
| Flood insurance | Required if any portion of improvement is in FEMA SFHA Zone A or V (NFIP or private equivalent) | Lesser of loan amount or max NFIP limit |
| Builders risk | Required for Fix-and-Flip and value-add Bridge during construction; soft costs & loss-of-income endorsements | 100% of completed value |
| Wind / hurricane | Required in coastal FL, TX, NC, SC, LA, MS, AL, GA — separate deductible permitted | Per hazard policy |
| Earthquake | Required in CA, OR, WA, AK seismic zones | Per hazard policy |
| Umbrella / excess liability | Required for properties > 4 units or loan > $2.5M | $2,000,000 |
| Deductibles & carrier rating | ||
| All-perils deductible | Per-occurrence — no aggregate or "named storm" workarounds | ≤ $25,000 or 1% of TIV |
| Wind / hail deductible | Coastal & convective-storm states | ≤ 5% of insured value |
| Carrier financial strength | AM Best rating, current | A− VIII or better |
| Policy term | Annual policy, paid in full at closing | 12 months |
02
Required Mortgagee & Loss-Payee Clause
Use this exact wording. ATIMA / ISAOA included.
Mortgagee endorsement — verbatim
818 Capital Partners, LLC
its successors and/or assigns, ATIMA / ISAOA
110 Wall Street
New York, NY 10005
Loan no.
03
Notice, Cancellation & Renewal
- Notice of cancellation. Carrier must provide 818 with at least 30 days' written notice of cancellation, non-renewal, or material change (10 days for non-payment).
- Evidence of insurance. ACORD 28 (commercial property) or ACORD 27 (residential evidence) plus a copy of the declarations page must be delivered to 818 at insurance@818capitalpartners.com no later than 5 business days before close.
- Premium. Annual premium is paid in full at closing from loan proceeds or borrower funds; renewal proof of payment is delivered to 818 no later than 10 days before each anniversary.
- Force-placement. If acceptable evidence of coverage is not maintained, 818 will force-place coverage at borrower's expense at rates substantially higher than the open market.
- Subordination. No insurance policy may be subordinated to any other lien on the subject property without 818's prior written consent.
04
Broker / Borrower Acknowledgement
Insurance broker — acknowledged
Date
Borrower — acknowledged
Date
818 Capital Partners · 110 Wall Street, New York, NY 10005
One page · Form 818-INS