Commercial General Liability Insurance

Requirements

You must ensure the: 

• general liability insurance limits are at least: 
  • $1 million per occurrence; and
  • $2 million general aggregate;
• coverage complies with Part II, Chapter 5: Property and Liability Insurance, Section 503.01: Generally;
• BorrowerBorrowerPerson who is the obligor per the Note. is listed as Additional Insured on the general contractor’s policy, unless the BorrowerBorrowerPerson who is the obligor per the Note. is 
  • licensed, 
  • qualified, and 
  • serving as its own general contractor; and
• maximum deductible does not exceed the applicable maximum amount per Part II, Chapter 5: Property and Liability Insurance, Section 503.02: Commercial General Liability Insurance.

The requirements in this Commercial General Liability Insurance section are satisfied if you ensure the: 

• BorrowerBorrowerPerson who is the obligor per the Note. obtains program coverage through
  • an Owner-Controlled Insurance Program (OCIP), or 
  • a Contractor-Controlled Insurance Program (CCIP); and 
• coverage continues through the applicable statutes of limitation.