All Forum Posts by: George Punnen

Quote from @Keith Coppedge:

George,

I agree with Dominic. Since you're using a GC, make sure they are properly covered. Builder's Risk and General Liability should be a great starting point. E&O probably isn't needed unless you are offering advisory services. I'll send you a note of what you should require of your GC.

Keith

 Hi Keith, thanks for your response - will be super helpful if you can share the type of insurances our GC should have. Thanks!

Quote from @Dominic M.:

Hi George, for liability coverage during a flip, consider a Builder's Risk policy for property damage, and a General Liability policy for third-party injuries or property damage. Since you're not performing the work, ensure the contractor has adequate coverage. You might also explore a Wrap-Up Insurance policy that covers all parties involved in the project. Good luck!

Hi Dominic - thanks for your inputs. By a General Liability, do you mean a premise liability? (we already have one).

But how do we defend ourselves against any type of professional negligence? (i.e., identified post the sale). 

Hey everyone, I'm looking for advice on liability insurance coverage for a flip.

Our LLC owns the property and has partnered with a general contractor (GC) for the renovation. We're trying to secure coverage for our LLC to protect against situations like missed disclosures during a sale, professional negligence that may affect a future buyer, etc. We thought an E&O insurance would cover this, but we’re having trouble finding a carrier. The reason cited is that since we aren’t performing the renovations, we aren’t exposed to these risks.

For those who actively flip, what type of liability / E&O insurance do you carry to protect against these risks? Have you found specific policies or carriers that offer this type of coverage? (we already have builders risk and premise liability in place)

Appreciate any advice! Thanks!

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