What is the maximum limit of coverage available?
The maximum limit we can provide is $5 million for frame and joisted-masonry construction, and up to $10 million for masonry non-combustible and fire resistive construction.
What are Victor's coastal guidelines?
We will not cover structures within 1000 feet of a coastline e.g. Atlantic Ocean or Gulf of Mexico. Please contact us if you have any questions about what constitutes a coastline.
What is Victor's appetite for construction projects other than ground-up new construction?
We provide remodeling/renovation coverage for tenant build out projects, and we also provide coverage for existing structures that are being remodeled and renovated.
Does Victor provide General Liability coverage for a property?
Our program is monoline builders risk only. Builders risk is a property inland marine line that does not cover general liability exposures.
Will Victor cover projects that have already started?
Yes, if a project is up to 30% complete, applications submitted into our online portal, V2, will flow through and will not generate an underwriting referral. We will contact you to ask additional questions for any projects that are over 30% complete. However, it's important to emphasize that we will not provide coverage for any projects that have been active for 180+ days.
If a construction project is not completed within 12 months, will Victor renew the policy?
We can extend policies up to a maximum term of 24 months e.g. if your client has a 12 month policy and requires an extension, we can extend from 1 month up to 12 months.
Does Victor's form include permission to occupy?
Yes, for single-family, residential properties, we provide up to 90 days occupancy coverage on the basis that occupants are not charged rent by an owner. For commercial properties, depending on how much of a building is going to be occupied, we would need to add a permission to occupy endorsement. Please contact us if you require more than 90 days of occupancy coverage.
Does Victor increase the limit of coverage if there is an increase in project expenses?
Insurance Agents, upon becoming aware of an increase in project costs during the course of construction, should notify us in order for a policy to be endorsed. If desired, a change order endorsement can be added at policy inception in increments of 10%, 20% or 30%, which would address some of the potential increase in value.
Can Victor insure both the builder and the homeowner?
Yes, you just need to add one of the parties as an additional insured on the policy to ensure both of their interests are protected. So if your insured is the builder, make sure you add the homeowner as an additional insured.