Commercial General Liability Insurance
Requirements
The general liability insurance coverage amount must be at least
- $1 million per occurrence/$2 million general aggregate limit, plus
- excess/umbrella insurance as follows:
|
If the number of stories in the building is... |
The minimum excess/umbrella insurance coverage is... |
|---|---|
|
1 – 4 |
$2 million |
|
5 – 10 |
$5 million |
|
11 – 20 |
$10 million |
|
Over 20 |
$25 million |
The maximum deductible amount is based on the total insurable values of the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). insurance policy.
|
If the insurable value is... |
The maximum deductible amount per occurrence is... |
|---|---|
|
Less than $5 million |
$40,000 |
|
Equal to or greater than $5 million, but less than $50 million |
$50,000 |
|
Equal to or greater than $50 million, but less than $100 million |
$125,000 |
|
Equal to or greater than $100 million |
$275,000 |
You may satisfy the maximum deductible amounts by any combination of the deductibles on the primary liability insurance and excess/umbrella insurance policies.
The maximum deductibles apply to all liability insurance.
Guidance
You may satisfy the insurance coverage requirements with any combination of primary liability insurance and excess/umbrella insurance coverage, so long as they add up to the sum of the required minimum limits.
You may satisfy the insurance coverage requirements for excess/umbrella insurance when the coverage limit meets the requirement for the location with the most stories.