Workers’ Compensation Insurance

Requirements

You must ensure 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). has workers’ compensation and employer’s liability insurance (including terrorism coverage), if required in the Property'sProperty'sMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). state; and
• coverage equals or exceeds the:
  • statutory limits for injured employees; plus
  • greatest 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.