I'm paying about 140 for a duplex not in a flood zone of NKC for comparison, just got the policy last month. 

(Error and Omissions) Whether you have buy and hold or rehab properties you will want to have your agent shop for a Landlord / Tenant Policy with a tenant damage rider for your real estate.

I was under the impression that under the changes effective last September, the gross-up under the FHA guidelines was reduced to 15% under the new FHA Single Family Housing Policy Handbook (excerpt below).  

Most handyman don't carry insurance, the majority who do use a 'carpenter' policy that won't cover them anyway, they don't carry worker's comp policies, and don't have the same overhead as a true contractor.As a handyman, I don't like hourly rates.

Again, make sure to structure your entity properly and you may want to look into making sure that your insurance needs are covered with a professional liability policy and a personal umbrella.  

Then if it looks like it might have promise the discuss with their internal committee meetings.

But I'm assuming it should be something to protect the Broker for cases like this, because the one who is responsible is the Broker, and I imagine this is not the first case, so they should have some umbrella policy to protect them. 

As soon as you close on an improved property, get an insurance policy that will protect you if there is a loss.  

We also require their policy number and expiration date.

Now, they are asking me to be part of the real estate fund investment committee for the tax reason.Since I don't have any experience in business partnership, so I have below questions:1) What will be the legal obligations if I am part of the committee?