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All Forum Posts by: Don Frost

Don Frost has started 5 posts and replied 9 times.

Thank you very much for sharing our experience! What perplexes me now is exactly when, where and how I receive lien waivers from the GC's subcontractors. If I pay him and the don't get paid, I've got a problem with the waivers.

As a future flipper, I need a better understanding of lien waivers and have a question I hope you can help me with. As I understand it, in New York lien waivers are effective only if delivered when payment is made or after payment is made.

If I hire and pay a GC and they’re required to gather lien waivers from their subcontractors but they don’t or can’t because the subcontractors haven’t been paid, what do I do? This scenario leaves me susceptible to liens on my property even though I paid the GC. Getting conditional liens from subcontractors still puts me at risk if the GC doesn't pay them. I need to know exactly how to approach this. Again, thanks in advance for your thoughts!

Thank you for responding! Does that mean the GC should provide me with a copy of each subcontractor's lien waiver?

Post: Hiring a Contractor

Don FrostPosted
  • Posts 9
  • Votes 0

Thanks, very helpful!

If I hire a GC to renovate a house I want to flip, do I only need property and general liability insurance? Which general contractor insurance policies should I be named as an additional insured? If I don’t use a GC and hire all the trades myself, do I need builders risk, property and general liability insurance?

Which general contractor insurance policies should I be named as an additional insured when I hire them to work on a house I’m flipping?

As a flipper, do I need to be an additional insured on the GC insurance AND listed as a “certificate holder”. I’ve read that a holder is not covered by the insurance but will be informed should the policy lapse.

When I flip a house and hire a GC, do I need to be added as an additional insured on the GC’s policy and all of their subcontractors policies?

When flipping a house and using the services of a General Contractor, should I have both the GC and every subcontractor working for the GC sign lien waivers? Also, should I require them to sign an unconditional waiver vs a conditional waiver?