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The Concept
OMNI Builders Risk is a patented
online builder’s risk insurance facility insured by The Chubb Group of
Insurance Companies that enables Construction Lenders to offer the required
property insurance in conjunction with their construction loans. The OMNI concept includes:
- A blanket reporting form
builder’s risk insurance policy underwritten with the Construction Lender
as the initial named insured.
Lenders have always had the largest insurable interest in each
construction project financed. With
OMNI, they now have the ability to proactively protect their investment.
- Borrowers are offered the
option to be added to the Lender’s blanket policy as additional insureds
via OMNI’s secure website where Certificates of Insurance may be printed
for each loan insured. New starts may be reported by either the Borrower
or the Lender with each party provided secure access to print their own
proof of coverage.
- Borrowers still pay for the
dual interest coverage, however the rates are up to 25% less expensive due
to the automated efficiencies the OMNI system provides.
Contact OMNI at (877) 353-6664 for additional information or download
forms.
OMNI Builders Risk offers Construction Lenders -
Superior Operational Risk Management including:
- Lenders are assured the
required insurance coverage is in place and the premium has been paid.
- Broad uniform coverage under a
single blanket policy that includes earthquake coverage in most areas
(most builder’s risk policies exclude earthquake!)
- Because the Lender owns the
blanket policy, they gain 24/7 online access to insurance coverage data including the ability to
produce Certificates Of Insurance to document loan files.
- Because the Lender owns the
blanket policy, the prepaid coverage remains in place protecting the Lender if the loan goes into
foreclosure.
- Reduced Expenses associated
with insurance tracking and insurance exceptions.
- Converts a source of risk, that
the Borrower may not maintain insurance coverage, into a source of additional non-interest income via commissions paid to
the Lender’s insurance subsidiary (avg. $67.50 per insured loan).
- Provides Lender’s insurance
subsidiary with an opportunity to provide permanent insurance coverage on completed construction projects.
Contact OMNI at (877) 353-6664 for additional information or download
forms.
OMNI Builders Risk offers Borrowers these advantages:
- Comprehensive Coverage –
Including Theft and Vandalism up to the limits purchased.
- Convenience – The Lender may
refer the Borrower to OMNI’s secure website to purchase coverage or the Lender may enter information into the OMNI system and provide the Proof of Insurance for loan closing.
- Cost Effective – Insurance Premiums
up to 25% less due to automated efficiency.
- Converts – Permanent Homeowners
coverage may be offered when residential projects
are complete and ready to occupy.
Contact OMNI at (877) 353-6664 for additional information or download
forms.
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