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OMNI Builders Risk's patented program allows construction lenders to offer comprehensive builder's risk insurance coverage on the structures they are financing. The coverage is offered to the construction loan client on a voluntary basis and the client is free to obtain the required coverage from an insurance company of their choice. However, because lenders finance hundreds of construction projects and because OMNI Builders Risk has automated the process, lenders are able to offer rates approximately 25% less expensive than an individual builder might obtain on their own.
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The Concept |
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Advantages
to Lender |
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Advantages to Builder |
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 A Single Monthly
Reporting
Form Builders
Risk Policy
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Assured Coverage is
Placed and Premium is
Paid |
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Comprehensive
Coverage |
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Owned by the Lender
as the
Primary Named
Insured
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Broad Uniform Coverage
Under a Single Policy |
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Convenient - No Paperwork |
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Borrowers Added as Additional Insureds |
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Non-Interest Income via Commissions to Insurance Subsidiary |
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Cost Effective - Less
Expensive Due to
Quantity Discounts and
Automated Efficiency |
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Premiums Paid By
Borrower at Closing |
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Easier FDIC Loan File
Audits
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Earthquake Coverage -
Most of the Builders Risk
Policies Covering Your
Loan Portfolio Provide No
Coverage for Earthquake
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