501.02E
Builder’s Risk Insurance
Requirements
If property insurance coverage is excluded during construction or significant renovation or restoration, the PropertyPropertyMultifamily residential property securing the Mortgage Loan and including the land (or Leasehold interest in land), Improvements, and personal property (as defined in the Uniform Commercial Code). must have builder’s risk insurance during such activity.
The coverage amount must be at least 100% of the completed value, on a non-reporting basis.