They still need to have license.The only disadvantage that I'm aware of is that if the insurance goes bankrupt then the state would not step in and pay you if the state has any money left.

The builder that Vinod has a contract with is Elite builders( I never said that they were bankrupt) as I don't have this information from the builder nor the public records.

I went from growing up in a hut in Vietnam and spending my early years in Section 8 housing in the U.S. to now owning four cash-flowing properties (8 units) across three states. These properties cover my mortgage, all...

Here's the hard truth: if you can't manage what you've got, you won't manage what you gain.Someone wins the lottery and ends up bankrupt a couple years later.

Bankrupt.

Even if the fund wasn't liable and only the company and the economy tanks, will it bankrupt PPR? 

Unfortunately, the builder was over their head and went bankrupt.

Then he goes on about how he was educated and got a decent job but poorly managed his finance and was nearly bankrupt.

State banks had a decentralized currency systems a long time ago where banks printed their own money and the value of the bank determined the value of the money and all those currencies went bankrupt.

They are suffering from their own stupidity, being "over-leveraged", and the investor from greed/fear inducing a good old fashioned Bank RUN on them, which they don't of course have the funds to pay out without bankrupting themselves.