501.04D

Workers’ Compensation Insurance

Requirements

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 workers’ compensation and employer’s liability insurance (including terrorism coverage), if required in the state where 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). is located.

The coverage amount must equal or exceed:

  • the statutory limits for injured employees; plus
  • the greater of
    • employer’s liability limits of $1 million per occurrence for bodily injury, $1 million per occurrence and $1 million aggregate for employee disease, or
    • any underlying limit required by the excess/umbrella insurance carrier.