506.04
Commercial Auto Liability Insurance
Requirements
You must ensure commercial auto liability insurance for any vehicles used in connection with the Construction ActivityConstruction ActivityConstruction, renovation, or restoration of Improvements: beginning on the Construction Activity Start Date; and ending on the Construction Activity Completion Date.:
- has the BorrowerBorrowerPerson who is the obligor per the Note. named as an Additional Insured (if BorrowerBorrowerPerson who is the obligor per the Note. is not serving as the general contractor) on all policies covering vehicles used by its general contractor in connection with the Construction ActivityConstruction ActivityConstruction, renovation, or restoration of Improvements: beginning on the Construction Activity Start Date; and ending on the Construction Activity Completion Date.;
- includes personal injury protection compliant with any applicable state or local laws;
- has coverage not less than $1 million per occurrence; and
- has a maximum deductible not exceeding $50,000.